Bank Of America Ups PT To $29 On BMY

Bank of America has raised its price target to $29 is maintaining a Neutral rating on Bristol-Myers Squibb Co. BMY, citing a buoy across the major pharma stocks. According to Bank of America, “With each of the four US Major Pharma stocks beating Q1 results and investors beginning to warm up to our "the world is not ending" valuation-based thesis, we are reiterating our bullish view on the sector and raising our price targets. Recall that when we launched on March 11th (“Reinstating with a Neutral – Higher risk, higher reward”), we did so with a Neutral rating on BMY. We remain constructive on BMY and see the company as the best positioned of the US majors to grow rapidly if the pipeline delivers, but are sticking with our Neutral based on BMY's higher multiple relative to the group. Continued pipeline execution will be key.” BMY closed on Friday at $29.81.