BMY stock gets bullish view in Cantor thanks to potential breakout (NYSE:BMY)
Cantor Fitzgerald covers Bristol-Myers Squibb (NYSE:BMY) on Tuesday with a High Street target of $95 and an Overweight rating, citing its disruptive potential and calling the pharmaceutical giant one of the companies. Top picks for 2023.
Bristol-Myers (BMY) hasn’t been able to break through “the $75-80 range for almost a year but the setup for this stock is the best we’ve seen since the 2019 Celgene deal,” wrote analyst Olivia Brayer, referring to the stock. refers to the $74 billion acquisition of the oncology business by pharmaceutical maker Celgene.
The company argues that their bullish narrative for BMY could materialize in the next few weeks as Q4 earnings season approaches.
The analyst points out that there is one of the best growth trajectories in 2023 among US pharmaceutical companies with the exception of Eli Lilly (LLY), Bristol-Myers (BMY) stands out in a recession year.
Brayer added that the company’s trading system could scale “several times” with the potential to outperform sales in the second half of the year thanks to the company’s evolving new product cycle.
“… .we will capitalize on the recent drop in what could be a breakout year for Bristol,” the analyst wrote. Bristol-Myers (BMY) has lost ~6% in the past six months to its rivals, as seen in this chart.
Still, the company “remains an attractive option for investors looking to capture a high-margin business at a low valuation,” Seeking Alpha contributor Gen Alpha said. wrote earlier this month.