Goldman Sachs Upgrades Bristol-Myers to “Conviction Buy”; Sees Growth Accelerating past 2013 (BMY)

By Staff,

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Pharmaceuticals giant Bristol-Myers Squibb Co. ( BMY ) on Tuesday received a big upgrade from analysts at Goldman Sachs.

The firm boosted its rating on BMY from "Buy" to "Conviction Buy" while lifting its price target from $38 to $40. That new target suggests a 21% upside to the stock's Monday closing price of $33.14.

Goldman noted it sees several catalysts for the company over the next four quarters, "which should lead to increased investor confidence that BMY will be the fastest-growing drug company from 2013 until the end of the decade." The analyst also said investors should want to own the name "in front of the potential Eliquis launch later this year or early next, daclatasvir filing in Japan next year, and PD-1 data points in 2014."

Bristol-Myers shares were mostly flat in premarket trading Tuesday.

The Bottom Line
We have been recommending shares of Bristol-Myers Squibb ( BMY ) since Aug.25, 2009, when the stock was trading at $22.58. The company has a 4.10% dividend yield, based on last night's closing stock price of $33.14.

Bristol-Myers Squibb Co. ( BMY ) is a "Recommended" dividend stock, holding a DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: BMY

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