Bristol-Myers initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Olivia Brayer initiated coverage of Bristol-Myers with an Overweight rating and $95 price target. The setup for this stock is the best seen since the 2019 Celgene deal, and Brayer believes that Bristol-Myers has one of the best 2023E growth profiles of the U.S. Pharma group, which stands out in a recession year, and thinks the stock can add several turns to the multiple with commercial outperformance in 1H23 from its maturing new product cycle, the analyst tells investors in a research note.