Guggenheim on Friday raised its price target for Bristol-Myers Squibb Co. (BMY) to $72.00 from $62.00 and maintained a Buy rating on the pharmaceutical company, signaling a more bullish stance on the stock. That new objective implies a notable upside relative to BMY's last quoted price of $59.52, with the shares trading close to a 52-week high of $63.33.
Data from InvestingPro indicate that BMY is trading slightly below its Fair Value, a gap that Guggenheim's move suggests could narrow if the firm's expectations for 2026 materialize.
The investment firm attributed its upgraded outlook to growing conviction in what it described as the "transformative potential" of Bristol-Myers Squibb's catalyst-driven 2026 timeline. That assessment follows the company's most recent guidance, which Guggenheim said arrived ahead of sell-side consensus estimates.
Guggenheim noted that four analysts have revised upward their earnings forecasts for the forthcoming period, with EPS for fiscal year 2026 now projected at $6.06, according to InvestingPro data cited by the firm.
Three developments since January 1 underpinned Guggenheim's more optimistic view. First, earlier concerns around guidance have abated. Second, there is rising enthusiasm for the company's CELMoD class of treatments targeting multiple myeloma. Third, the investment bank highlighted validation of the Factor XIa drug class following Bayer's positive results from an asundexian trial.
Reflecting that shift in confidence, Guggenheim materially raised its probability-of-success inputs for two CELMoD candidates. The firm lifted its success estimates for iberdomide and mezigdomide to 90% from a prior 33%, which pushed combined risk-adjusted sales forecasts to $3.6 billion by 2033, up from an earlier combined projection of $1.3 billion.
The analysts also increased the probability of success for milvexian in secondary stroke prevention to 90% from 75%. Guggenheim reiterated its Buy recommendation ahead of several upcoming Phase 3 clinical readouts that the firm said could deliver "significant rewards" should they be positive.
Separately, Bristol-Myers Squibb reported fourth-quarter 2025 results that topped expectations. The company posted earnings per share of $1.26 versus an anticipated $1.12, while revenue came in at $12.5 billion against a forecast near $12.24 billion.
In related analyst activity, Wells Fargo raised its price target to $60 while keeping an Equal Weight rating, pointing to potential upside from the company's 2026 growth guidance. Truist reiterated a Buy rating and maintained a $65 target, citing favorable sentiment stemming from a competitor's clinical trial results that may benefit Bristol-Myers Squibb.
Taken together, the wave of analyst revisions, the stronger-than-expected quarterly performance, and revised pipeline success assumptions have prompted a more constructive consensus tone among several brokerages. Investors and market participants will be watching the upcoming Phase 3 data and company execution against 2026 guidance to assess whether the stock's upside potential is realized.