Bristol Myers added to Analyst Focus List at JPMorgan

JPMorgan analyst Chris Schott added Bristol Myers (BMY) to the firm’s Analyst Focus List as a value idea and keeps an Overweight rating on the shares with a $70 price target Bristol is in the midst of a major new launch, Cobenfy in schizophrenia, with a much-improved long-term competitive environment, the analyst tells investors in a research note. The firm also believes the company is gaining momentum in its new launch portfolio, has its Inflation Reduction Act price negotiation exposure behind it, and continues to trade at a steep discount to peers. As such, JPMorgan sees further room for multiple expansion and upside to 2029 Street estimates, driven by a potentially faster-than-expected Cobenfy launch and improving performance from Bristol Myers’ new product portfolio.