This Analyst Downgrades Bristol-Myers Squibb, Cautions Amid Product Launch And Revenue Concerns
Portfolio Pulse from Vandana Singh
BofA Securities downgraded Bristol-Myers Squibb (BMY) to Neutral from Buy and lowered the price target to $60 from $68 due to concerns over the sales outcomes of recent product launches and revenue growth. Despite the growth of the new product portfolio, no standout product has significantly increased sales projections. The analyst also noted the competitive nature of gene/cell therapy fields, mentioning competitors like Johnson & Johnson (JNJ) and Gilead Sciences (GILD). BMY shares dropped 0.59% to $52.46.

January 03, 2024 | 5:29 pm
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NEGATIVE IMPACT
BofA Securities downgraded Bristol-Myers Squibb to Neutral from Buy and reduced the price target to $60, citing concerns over product launch sales and revenue growth.
The downgrade by BofA Securities is a direct negative sentiment towards BMY's stock, likely leading to a short-term negative impact on the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Gilead Sciences is acknowledged as a competitor in the gene/cell therapy space, indicating a competitive market environment.
GILD's mention as a competitor does not provide immediate implications for its stock price, as the article lacks specific details on GILD's performance or outlook.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30
NEUTRAL IMPACT
Johnson & Johnson was mentioned as a competitor in the gene/cell therapy field, which is noted to be highly competitive.
While JNJ is mentioned as a competitor, the article does not provide specific information that would likely impact its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30