Piper Sandler has initiated coverage of Bristol Myers (BMY, Financial) with an optimistic "Overweight" rating, setting a price target of $65. The analysis comes as the pharmaceutical giant navigates major changes due to the expiration of exclusivity for some of its key products. Despite these challenges, the firm remains positive, viewing the stock as well-positioned to handle the impending loss of exclusivity for Eliquis, a major revenue driver.
According to the analyst, the company's long-term outlook is promising due in part to its strategic focus on a robust nivolumab franchise and an expanding commercial portfolio, which includes Cobenfy, a treatment for schizophrenia with potential for broader applications. Furthermore, Bristol Myers is advancing a pipeline rich in new molecular entities, suggesting strong future growth potential.
Piper Sandler's confidence is bolstered by the expectation that the company can maintain its top-line and EBITDA sustainability in a world beyond Eliquis. This strategic path provides clarity and potential for sustained success despite the broader economic uncertainties.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 22 analysts, the average target price for Bristol-Myers Squibb Co (BMY, Financial) is $58.06 with a high estimate of $70.00 and a low estimate of $33.10. The average target implies an upside of 18.63% from the current price of $48.94. More detailed estimate data can be found on the Bristol-Myers Squibb Co (BMY) Forecast page.
Based on the consensus recommendation from 28 brokerage firms, Bristol-Myers Squibb Co's (BMY, Financial) average brokerage recommendation is currently 2.7, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Bristol-Myers Squibb Co (BMY, Financial) in one year is $63.10, suggesting a upside of 28.93% from the current price of $48.94. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Bristol-Myers Squibb Co (BMY) Summary page.
