Goldman Sachs analyst Asad Haider maintained a Hold rating on Bristol-Myers Squibb yesterday and set a price target of $51.00.
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Asad Haider has given his Hold rating due to a combination of factors affecting Bristol-Myers Squibb’s current market position. The stock has experienced a significant decline this year, contrasting with the general pharmaceutical sector’s performance. This downturn is attributed to ongoing challenges such as loss of exclusivity on key drugs and setbacks in their development pipeline, which have raised concerns about the company’s ability to return to sustainable growth.
Additionally, the upcoming earnings report is anticipated to present a mixed outlook, with expectations of a miss on key product performance and continued uncertainty surrounding critical clinical trials. While some of the potential downsides might already be reflected in the stock’s current valuation, the lack of clear progress on pivotal projects and the ongoing debates about research and development expenses contribute to the decision to maintain a neutral stance. The Hold rating reflects the need for more clarity on when the company can overcome these hurdles and achieve consistent growth.
In another report released on October 16, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $47.00 price target.