-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We raise our target price to $73 from $69, 11.7x our 2027 EPS estimate, a discount to BMY's 10-year historical forward P/E average. We lift our 2026 EPS estimate to $6.30 from $6.22 and maintain our 2027 EPS forecast at $6.18. BMY announced Q1 revenues of $11.5B, a 1% Y/Y increase, and non-GAAP EPS of $1.58, above expectations. The company's growth portfolio, which includes key products such as Reblozyl, Breyanzi, Opdualag, Qvantig, and Cobenfy, and is a key area of focus, saw a 9% Y/Y increase in sales, driven by strong demand for BMY's newer medicines. The quarter was also marked by significant progress in the company's pipeline, with positive data for its CELMoD program and advancements in several late-stage assets. We think the company is successfully navigating a period of important transition, with strong performance from its growth portfolio offsetting declines in legacy products, as we anticipate a series of crucial clinical trial readouts later in the year.