Bristol Myers price target raised to $39 from $36 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Bristol Myers (BMY) to $39 from $36 and keeps an Underweight rating on the shares following the “surprising” negative emraclidine Phase 2 update offered by AbbVie (ABBV). The firm, which notes it removed emraclidine from its AbbVie model and raised its Cobenfy estimates for Bristol Myers, so 2033 total revenue goes up 7%, adds that “bottom line is this does not change the overall rev/EPS growth trajectory for either stock.”