BofA Upgrades Bristol-Myers Squibb (BMY) Stock to Buy from Neutral

Bristol-Myers Squibb Company (NYSE:BMY) is one of the Best Stocks to Invest in for the Next 3 Years. On December 15, BofA upgraded the company’s stock to “Buy” from “Neutral” with a price objective of $61, an increase from $52, given the company’s R&D pipeline, as reported by The Fly. As per the firm, 4-6 programs are expected to deliver key de-risking catalysts over the near term. It believes that the current weakness is a buying opportunity as conservative trough EPS offers a floor for the share price.

Furthermore, the firm sees favorable risk/reward as Bristol-Myers Squibb Company (NYSE:BMY) approaches 2026 filled with catalysts. Multiple scenarios can place the company on a return to growth in 2029 and beyond. The firm applied a 10x P/E multiple to Bristol-Myers Squibb Company (NYSE:BMY)’s FY 2027 estimated EPS. This reflects an increase from the prior 8x multiple, which was applied to 2026 estimates.

In a different update, on December 11, Bristol-Myers Squibb Company (NYSE:BMY) announced that the US FDA accepted and granted priority review to the supplemental Biologics License Application (sBLA). This is for Opdivo® (nivolumab) in combination with doxorubicin, vinblastine, and dacarbazine (AVD) for adult and pediatric (12 years and older) patients having previously untreated Stage III or IV classical Hodgkin Lymphoma (cHL).

Bristol-Myers Squibb Company (NYSE:BMY) discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products.

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