S&P Capital IQ Reiterates its BUY Rating on Bristol Myers Squibb, Target Price Raised

October 29 00:00 2011

New York, October 29 (RainbowNewsLine.com) – Analyst Herman Saftlas of S&P Capital IQ reiterates his BUY rating on the shares of Bristol Myers Squibb (NYSE: BMY), while raising his estimates for the company. The target price has been raised from $34 to $36.

Analyst Herman Saftlas, in a research note published yesterday mentions that the company has reported its Q3 non-GAAP EPS ahead of the estimates, reflecting top line growth of 11% and tight control over SG&A costs. The company reported robust performance from three of its segments, Baraclude (raised 36%), Orencia (raised 27%) and Sprycel (raised 47%). Although 2012 is likely to be a transition year for Bristol Myers Squibb as Plavix’s patent expires in May, the analyst expects the company’s new product portfolio to support long term growth. The EPS estimate for 2011 has been raised to $2.30 from $2.25.