Bristol Myers price target raised to $60 from $55 at BofA

BofA raised the firm’s price target on Bristol Myers (BMY) to $60 from $55 and keeps a Neutral rating on the shares. Bristol reported “decent” Q3 results on Thursday, beating on both revenues and EPS, but this was primarily driven by off-patent Revlimid, the analyst tells investors. Given improving performance from the growth portfolio, the firm is “incrementally more positive on the stock” and its 2024 revenue and EPS estimates are raised to $47.5B and 91c from $46.6B and 75c, respectively. However, the firm maintains a Neutral rating given continued uncertainties over the longer-term “trough EPS,” the analyst added.