Bristol-Myers Squibb Co. (BMY) PT Raised to $57 at BMO Capital

BMO Capital analyst Evan David Seigerman raised the price target on Bristol-Myers Squibb Co. (NYSE: BMY) to $57.00 (from $53.00) while maintaining a Market Perform rating.

The analyst commented, "Incremental improvements in Bristol's 3Q24 and updated guidance were enough to buoy investor enthusiasm (shares +6%); fundamentals have been stabilizing since 2Q24, and sentiment is improving on Cobenfy and growth products. We remain on the sidelines until the pivot is ratified by additional quarters of strength, which could coincide with 2025 guidance. The FY24 top line is now guided to +5% growth from ~4%, driven by cell therapy, Camzyos, and legacy biz. We are raising target price to $57 to reflect improved fundamentals; maintain Market Perform."

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