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Bristol Myers Upgraded to “Buy” at Goldman Sachs (BMY)

Drugmaker Bristol Myers Squibb Co. ( BMY

) saw its rating and price target boosted on Monday by analysts at Goldman Sachs.

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.

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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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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