Drugmaker Bristol Myers Squibb Co. ( BMY
The firm raised its rating on BMY to "Buy" from "Neutral," and lifted its price target on the stock to $30. That new target represents a 34% upside to BMY's Friday closing price of $22.44.
Goldman noted that the company's drug pipeline is attractive, and said its skin cancer treatment ipilimumab is on track to potentially deliver big revenue gains "given optionality to first line melanoma and additional cancer indications."
Bristol Myers shares rose $1.56, or +7%, in premarket trading Monday.
The Bottom Line
We have been recommending shares of BMY since Aug.25, when the stock was trading at $22.58. The company has a 5.70% dividend yield, based on Friday's closing stock price of $22.44.
Bristol Myers Squibb Co. ( BMY ) is a "recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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