Bristol Myers downgraded to Neutral from Buy at Redburn Atlantic

Redburn Atlantic downgraded Bristol Myers to Neutral from Buy with a price target of $54, down from $77. The analyst sees the launch trajectory for new products, and contribution from the in-line pipeline and recently acquired assets as incapable of addressing looming headwinds for the company’s key in-line products. The firm says limited near-term material pipeline updates increase Bristol Myers’ challenges “to threading the needle on value accretive deals.” The company’s sales growth post fiscal 2026 “appears increasingly uncertain” given headwinds for in-line products, lower than expected traction for the launch product portfolio and limited contribution from recent acquisitions, the analyst tells investors in a research note.