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Investing.com - Raymond James reiterated a Market Perform rating on Bristol-Myers Squibb Co. (NYSE:BMY) stock.
The firm adjusted its earnings estimates for the pharmaceutical company ahead of its first-quarter 2026 results, scheduled for April 30, 2026. Raymond James now projects diluted non-GAAP earnings per share of $1.49 for the first quarter, down from a prior estimate of $1.59 and above the FactSet consensus of $1.43 as of the publish date.
The firm also lowered its full-year 2026 earnings estimate to $6.28 per share from $6.32, slightly above the consensus estimate of $6.27. This aligns with broader analyst sentiment, as InvestingPro data shows 8 analysts have revised their earnings downwards for the upcoming period. The adjustments reflect changes in operating expense assumptions and an inventory unwind during the first quarter following a build-up in the fourth quarter of 2025 for the oncology portfolio in the U.S.
Raymond James met with Bristol-Myers Squibb and updated its model based on prescription trends and management commentary. The firm maintains its Market Perform rating as it awaits several critical Phase 3 updates during the second half of 2026.The stock has shown strong momentum with a 36% gain over the past six months, trading at $57.62 with a P/E ratio of 16.6. According to InvestingPro analysis, the stock appears undervalued relative to its Fair Value, while offering investors a 4.34% dividend yield backed by 56 consecutive years of dividend payments.
Bristol-Myers Squibb is scheduled to report first-quarter 2026 results before market open on April 30, 2026.
In other recent news, Bristol-Myers Squibb has been the focus of several key developments. Cantor Fitzgerald has raised its price target for Bristol-Myers Squibb to $54 from $45, maintaining a Neutral rating, due to a more favorable near-term outlook for the drug Eliquis. Guggenheim continues to hold a Buy rating with a price target of $72, estimating first-quarter 2026 sales at $10,836 million and earnings per share at $1.46. In clinical news, Bristol-Myers Squibb reported promising results from the Phase 3 SCOUT-HCM trial for its drug Camzyos in adolescents, showing significant improvements in reducing cardiac symptoms. The company has also expanded its collaboration with insitro to develop additional ALS therapeutic programs, adding two new targets identified through insitro’s platform. Furthermore, Bristol-Myers Squibb has launched a survey to address care gaps in multiple myeloma, engaging over 1,000 patients and healthcare providers. These developments reflect a broad spectrum of activity in both clinical trials and strategic collaborations.
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