Bristol-Myers price target lowered to $80 from $85 at BofA

BofA analyst Geoff Meacham lowered the firm’s price target on Bristol-Myers to $80 from $85 and keeps a Buy rating on the shares following “lackluster” Q2 results and the company having lowered guidance because of the loss of exclusivity on products. However, while Q2 results were “disappointing to some,” the firm is “less concerned” about faster erosion from Revlimid due to year-by-year variation and free drug utilization and says that “most importantly,” the “Big 9” new launches are on-track to double the revenue in 2023, which is “the big part of our Buy thesis.”