Do Wall Street Analysts Like Bristol-Myers Squibb Stock? — TradingView News

BMY is a leading biopharmaceutical company focused on cancer, inflammation, cardiovascular disease and other serious diseases. Founded in 1887 and headquartered in Princeton, New Jersey, its lead drug, Opdivo, leads its oncology portfolio alongside drugs such as Revlimid and Eliquis.

Shares of the biopharma company have significantly outperformed the broader market over the past year. BMY is down 34.2% over that time frame, while the broader S&P 500 ($SPX) is up 28.9%. In 2024, shares of Bristol-Myers Squibb are down 14%, while the SPX is up 11.1% on a YTD basis.

Narrowing the focus, BMY’s underperformance appears more pronounced compared to the US Pharmaceuticals Ishares ETF IHE. The exchange-traded fund has gained 12.9% over the past year, significantly outpacing BMY’s double-digit decline.

Shares of Bristol Myers Squibb tumbled 8.5% on April 25 despite better-than-expected first-quarter results. Due to recent acquisitions and collaborations, the company cut its earnings guidance for fiscal 2024, expecting now between $0.40 and $0.70 per share, down from $7.10 to $7.40 per share.

For the current fiscal year, which ends in December, the Street expects BMY’s EPS to fall 92.1% year-over-year to $0.59. Moreover, the company’s surprise earnings history is mixed. It beat consensus estimates in three of the past four quarters and missed the forecast on another occasion.

Among the 22 analysts covering BMY stock, the consensus rating is “Hold”. This is based on four “Strong Buy”, one “Moderate Buy”, 16 “Hold” and one “Strong Sell” ratings.

The consensus rating has been steady in recent months.

On April 29, Deutsche Bank cut its price target on Bristol-Myers Squibb from $55 to $53, while maintaining a “Hold” rating, citing concerns about earnings and growth visibility due to recent cost-cutting measures and the elimination of strategic programs.

However, the average price target of $53.17 suggests a 20.5% premium to BMY from current levels. The Street-high target of $67 represents a potential upside of 51.9%.

At the time of publication, Kritika Sarmah did not hold (either directly or indirectly) any position in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, see the Barchart Disclosure Policy here.