UBS upgraded Bristol Myers (BMY) to Buy from Neutral with a price target of $65, up from $46, after assuming coverage of the name. After several challenging years, biotech and pharma are emerging from a cyclical trough, supported by improving macro conditions, stronger fundamentals, increased FDA approvals, positive clinical data, and accelerating M&A, the analyst says in a research note. Investor confidence is expected to rise in 2026, setting the stage for sector outperformance, UBS adds.
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