Reiterating Buy on Bristol-Myers Squibb: Near-Term Outperformance and Pipeline-Driven Upside Support Higher $68 Target

Analyst Jason Gerberry of Bank of America Securities reiterated a Buy rating on Bristol-Myers Squibb, boosting the price target to $68.00.

Jason Gerberry has given his Buy rating due to a combination of factors tied to both Bristol-Myers Squibb’s near-term performance and longer-term pipeline potential. He highlights that recent quarterly results and the company’s 2026 guidance exceeded expectations, helped by stronger-than-anticipated Eliquis pricing, even though this benefit is temporary given the anticipated loss of exclusivity in 2028. While gross margin guidance for 2026 was weaker than consensus, he views this largely as a mix effect from the incremental Eliquis revenue that should fade over time as the product faces generic competition. He emphasizes that the real investment case centers on the pipeline, where recent commentary and data have been supportive of several key late-stage programs.

Gerberry sees particular upside in the company’s factor XIa inhibitor milvexian, where read-through from a competitor’s Phase 3 stroke prevention data suggests a favorable balance of efficacy and bleeding risk, leading him to increase the probability of success and associated peak sales assumptions for that asset. He also notes that safety trends, albeit from blinded data, appear encouraging in important Phase 3 programs in idiopathic pulmonary fibrosis and atrial fibrillation. Additionally, management’s confidence in next-generation CELMoD therapies in relapsed/refractory multiple myeloma suggests potential for improved adoption in settings where current options face safety and access hurdles. On balance, these clinical and commercial drivers support his decision to reiterate a Buy rating and raise the price objective to $68, using an unchanged earnings multiple applied to his 2027 earnings forecast.

In another report released yesterday, Truist Financial also reiterated a Buy rating on the stock with a $65.00 price target.