Bristol-Myers Squibb: Solid Near-Term Execution and 2026 EPS Boost from Eliquis, but Limited Long-Term Visibility Supports Hold Rating

Bernstein analyst Courtney Breen maintained a Hold rating on Bristol-Myers Squibb today and set a price target of $58.00.

Courtney Breen has given his Hold rating due to a combination of factors including strong near‑term execution but limited visibility beyond the next couple of years. Bristol-Myers Squibb delivered a solid fourth quarter, with revenue and adjusted EPS surpassing expectations and its newer products driving double-digit growth, while FY26 guidance for both sales and earnings exceeded consensus, helped in part by better-than-anticipated Eliquis performance and favorable one-time U.S. pricing dynamics under IRA-related changes.

However, Breen views the upgrade to 2026 EPS, driven largely by Eliquis gaining an extra year of support before loss-of-exclusivity pressures intensify, as a temporary cushion rather than a structural reset of the earnings trajectory. With key late-stage pipeline catalysts clustered in the back half of the year—particularly for Cobenfy, Milvexian, and emerging assets like Admilparant and CELMoDs—Breen sees a balance of risks and rewards at the current valuation, supporting a Market-Perform stance and a $58 price target relative to the recent share price.

According to TipRanks, Breen is a 5-star analyst with an average return of 23.0% and a 90.70% success rate. Breen covers the Healthcare sector, focusing on stocks such as Eli Lilly & Co, Pfizer, and Merck & Company.

In another report released on February 6, Citi also maintained a Hold rating on the stock with a $64.00 price target.