Bristol Myers upgraded to Buy at BofA on pipeline strength

As previously reported, BofA upgraded Bristol Myers (BMY) to Buy from Neutral with a price target of $61, up from $52, based on the strength of Bristol’s R&D pipeline. The firm expects 4-6 programs to deliver key de-risking catalysts in the near-term and sees current weakness as a buying opportunity as conservative trough EPS provides a floor for share price and “good pharma pipeline stories can work once investors have visibility on the next product cycle,” the analyst contends ahead of “a catalyst-rich 2026.” The firm sees multiple scenarios that could position the company for return to growth in 2029 and beyond, the analyst added.