BofA Securities upgraded Bristol Myers Squibb & Co. (NYSE:BMY), citing near-term catalysts.

“What we like about BMY is the valuation coupled with our forecast for a flattish 7-year outlook with risk-adjusted pipeline and favorable mix-related margin tailwinds. When we factor in multiple pipeline-driven upside scenarios (specifically in ’26E), we think the risk-reward is compelling,” analyst Jason Gerberry wrote in an investor note on Monday.

BofA upgraded from Neutral to a Buy rating and raised price forecast from $52 to $61, based on a 10x P/E multiple applied to FY27E EPS (from 8x 2026E).

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The Buy rating is predicated on the strength of Bristol-Myers’ R&D pipeline, in which BofA expects 4-6 programs to deliver key de-risking catalysts in ...