Analysts Raise Targets to $66/$60 as Bristol Myers Spotlights Cobenfy and Dividend
Bristol Myers shares have risen 7.5% over the past year and 15.4% year-to-date, with Piper Sandler and Citi lifting price targets to $66 and $60 respectively. Jim Cramer highlighted the maintained dividend and noted limited momentum for Cobenfy as the stock trades near eight times earnings.
1. Share Performance and Analyst Upgrades
Bristol Myers shares have climbed 7.5% over the past year and 15.4% year-to-date. Piper Sandler raised its price target to $66 from $62 with an Overweight rating, and Citi lifted its target to $60 from $53 while maintaining a Neutral stance.
2. Dividend Decision
The company confirmed it will maintain its quarterly dividend, underscoring a commitment to shareholder returns despite the upcoming loss of exclusivity on key legacy drugs.
3. Cobenfy Growth Outlook
Jim Cramer emphasized limited momentum for the schizophrenia drug Cobenfy, noting that its uptake has yet to deliver significant sales growth since its launch.
4. Valuation Significance
Trading at roughly eight times trailing earnings, Bristol Myers’s valuation has drawn more investor interest, according to market commentary on its relative attractiveness.