William Blair analyst Matt Phipps has maintained their neutral stance on BMY stock, giving a Hold rating on October 24.
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Matt Phipps has given his Hold rating due to a combination of factors surrounding Bristol-Myers Squibb’s recent financial performance and future outlook. The company reported third-quarter earnings that surpassed consensus expectations, primarily driven by significant growth in its immuno-oncology portfolio, including notable products like Reblozyl and Camzyos. However, the earnings per share fell short of Phipps’s own estimates, indicating some areas of concern.
Additionally, while Bristol-Myers Squibb raised its full-year revenue and earnings guidance, the lack of new pipeline updates and the anticipated ADEPT-2 readout by year-end suggest a cautious approach. These elements collectively contribute to a balanced view, where the positive revenue growth is tempered by uncertainties, leading to a Hold recommendation from Phipps.
In another report released on October 24, BMO Capital also maintained a Hold rating on the stock with a $47.00 price target.