Bristol Myers price target lowered to $41 from $42 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Bristol Myers to $41 from $42 and keeps an Underweight rating on the shares. Bristol posted a Q4 revenue and EPS beat, but the firm views the quarter as in-line given mixed performance from the key new product cycles, the analyst tells investors. The firm, which notes that its estimates are at the low end of Bristol Myers’ 2024 revenue guidance, says Q4 earnings “did not meaningfully change our view on the longer-term outlook.”