Bristol Myers price target raised to $65 from $62 at Truist

Truist raised the firm’s price target on Bristol Myers (BMY) to $65 from $62 and keeps a Buy rating on the shares as part of a broader research note previewing FY25 for large-cap biopharma. The sector has underperformed the SP500, and with uncertainty around macro environment, investors have remained cautious, the analyst tells investors in a research note. Truist adds however that tailwinds for the sector could emerge from continued execution on launches, mid-stage growth, key catalysts, and an incoming administration potentially being more pro-pharma than expected. For the company, the firm contends that Bristol Myers is well-positioned to execute on recent and near-term launches that will drive momentum through the later part of the decade, also pointing to strong sales growth across numerous commercial products including Reblozyl, Breyanzi, and Opdualag that look to continue into 2025.