Bristol-Myers price target lowered to $79 from $87 at BMO Capital

BMO Capital analyst Evan Seigerman lowered the firm’s price target on Bristol-Myers to $79 from $87 after its Q2 earnings miss but keeps an Outperform rating on the shares. The business’s core launches are undervalued, but the distance from realizing the benefit from these launches is far, the analyst tells investors in a research note. Bristol remains too inexpensive at current valuations to not remain Outperform, but shares are also becoming “too comfortable” at a single-digit multiple, the firm adds.