Bristol Myers price target lowered to $55 from $60 at BofA

BofA lowered the firm’s price target on Bristol Myers to $55 from $60 and keeps a Neutral rating on the shares, citing lower revenue and earnings expectations. Shares traded down yesterday despite a “largely in-line 1Q print and reiteration of 2024 guidance,” which the firm suspects was due to “a lower quality quarter,” the analyst tells investors. While 2024 guidance remains “beatable,” the firm believes 2026 could be the trough year given the timing of Inflation Reduction Act impact on Eliquis and the end of Revlimid’s authorized generics barrier.