UPDATE: BMO Capital Markets Upgrades Bristol-Myers Squibb on More Positive Outlook

In a report published Monday, BMO Capital Markets analyst Alex Arfaei upgraded the rating on Bristol-Myers Squibb BMY from Market Perform to Outperform, and raised the price target from $56.00 to $60.00. In the report, BMO Capital Markets noted, “We are upgrading BMY to Outperform from Market Perform based on our more positive outlook for the company's immuno-oncology (IO) pipeline and lower market expectations following the recent update on the Checkmate-012 trial...Now $60/share using DCF. Investors should buy BMY prior to ASCO and should not interpret potentially positive updates for MK-3475 as negative for BMY; this market will likely be large enough to accommodate multiple players.” Bristol-Myers Squibb closed on Friday at $50.33.