UPDATE: Goldman Sachs Raises PT on Bristol-Myers Squibb to $32 (BMY)

Goldman Sachs is out with its report on Bristol-Myers Squibb BMY, raising its price target from $30 to $32. In a note to clients, Goldman Sachs writes, "We raise our 12-month price target to $32 (from $30) based on 15X our revised 2013E EPS of $2.07. BMY is becoming more biotech than pharma, with a growth story post its cliff, as a sizable percentage of its future revenues will be sourced from high-margin specialty/biotech drugs." At the time of posting, shares of BMY were trading pre-market at $27.60, up 1.14% from Friday's close.