Bristol Myers price target lowered to $34 from $36 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Bristol Myers (BMY) to $34 from $36 and keeps an Underweight rating on the shares. Year-to-date, large cap pharma and biotech companies have both underperformed given the macro environment, while multiple areas of policy uncertainty remain, including drug pricing dynamics, tariff and transfer pricing exposure, and FDA staffing changes, the analyst tells investors in a research note.