Jefferies Raises Price Target on Bristol-Myers Squibb (BMY) Following 3Q

Jefferies reiterated a Hold rating on Bristol-Myers Squibb Co. (NYSE: BMY), and raised the price target to $58.00 (from $54.00), following the company's 3Q. Non-GAAP operating expenses are now expected to be roughly flat through 2020, relative to 2016 levels as part of the company's plan to evolve its operating model to focus on key markets and streamline its operations. Also, the newly issued 2017 non-GAAP EPS guidance range of $2.85-$3.05 is modestly above prior consensus of $2.93.

Analyst Jeffrey Holford commented, "New operating expense guidance raises our 2017E-2020E EPS by 8%-15%, though we note we may be under-estimating the revenue impact from "externalization" deals needed to achieve this. We remain enthusiastic on the potential for Opdivo/ Yervoy in PD-L1 +ve 1L NSCLC patients, but continue to see a potential "all-comer" positive result for durva/ treme in MYSTIC as a major overhang."

For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.

Shares of Bristol-Myers Squibb Co. closed at $51.96 yesterday.

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