Cantor Fitzgerald Cuts Bristol-Myers (BMY) Price Target, Keeps Neutral

Bristol-Myers Squibb Company (NYSE:BMY) is one of the 10 Best Affordable Stocks Under $50 to Buy. On August 13, Cantor Fitzgerald reduced its price target for Bristol-Myers Squibb Company (NYSE:BMY) from $55 to $45 while keeping a Neutral rating.

Cantor Fitzgerald cited the company’s top-line beat but noted that the quality of the beat was mixed. Bristol-Myers Squibb Company’s (NYSE:BMY) performance was supported by legacy products and favorable foreign exchange impacts.

Despite this, the firm pointed out that investors should focus on the upcoming results from the Cobenfy ADEPT-2 study.

Cantor Fitzgerald sees the risk around ADEPT-2 as balanced. The firm believes that if the results are positive, Bristol-Myers Squibb Company (NYSE:BMY) could rise to between $52 and $54. If negative, the stock price could fall to between $38 and $40.

The firm’s decision to cut the price target reflects recent clinical setbacks that Bristol-Myers Squibb Company (NYSE:BMY) experienced and concerns about the company’s long-term growth outlook.

Cantor Fitzgerald also believes that the company will likely still need mergers and acquisitions to support its business.

Bristol-Myers Squibb Company (NYSE:BMY) is an American multinational pharmaceutical company focused on discovering, developing, and delivering innovative medicines for serious diseases.

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Disclosure: None. This article is originally published at Insider Monkey.