Wells Fargo raised the firm’s price target on Bristol Myers to $52 from $51 and keeps an Equal Weight rating on the shares. The firm says a 2% beat to $11.5B consensus sales plus OpEx cuts suggests 10c upside to ($4.45) consensus EPS in Q1 2024. Investors may look for updated FY24 EPS guidance post-deals to be above 53c midpoint to gauge Bristol Myer confidence in their topline guidance and cost initiatives, Wells adds.
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