Bristol Myers Squibb Analysts Slash Their Forecasts Following Q3 Results

Bristol Myers Squibb & Co BMY reported better-than-expected earnings for its third quarter.

Bristol Myers Squibb said revenues came in at $10.966 billion, due to lower sales of Revlimid, partially offset by in-line products and its new product portfolio. Analysts were expecting sales of $10.965 billion. Adjusted EPS rose 1% year-over-year to $2.00, beating the consensus of $1.76.

Bristol Myers Squibb shares fell 3.8% to trade at $50.94 on Friday.

These analysts made changes to their price targets on Bristol Myers Squibb following earnings announcement.

• HSBC cut the price target on Bristol Myers Squibb from $55 to $53. HSBC analyst Rajesh Kumar upgraded the stock from Reduce to Hold.
• Barclays slashed the price target on Bristol Myers Squibb from $60 to $51. Barclays analyst Carter Gould maintained an Equal-Weight rating.
• Morgan Stanley lowered the price target on Bristol Myers Squibb from $56 to $50. Morgan Stanley analyst Terence Flynn maintained an Underweight rating.
• William Blair analyst Matt Phipps, meanwhile, downgraded Bristol-Myers from Outperform to Market Perform.
• BMO Capital analyst Evan Seigerman downgraded the stock from Outperform to Market Perform.

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