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.”
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Read More on BMY:
- Leerink upgrades Bristol to Outperform after AbbVie schizophrenia failure
- Bristol Myers price target raised to $60 from $55 at Citi
- Bristol Myers upgraded to Outperform from Market Perform at Leerink
- Evercore says failure of emraclidine ‘may’ be ‘substantial’ Neurocrine positive
- AbbVie under pressure as schizophrenia drug fails two trials