Wells Fargo analyst Mohit Bansal has increased his price objective on Bristol-Myers Squibb Co. (NYSE:BMY) to $60.00, up from $55.00, while retaining an Equal Weight rating on the shares. At the time of the update, BMY stock was trading at $59.52 - close to the revised target and not far from its 52-week high of $63.33. Data from InvestingPro indicates the share price remains marginally below its Fair Value.
Bansal identifies potential upside to Bristol-Myers Squibb's 2026 guidance, arguing that the company’s growth portfolio could exceed its current mid-single-digit percentage growth forecast if selected products continue to show strength. With management’s guidance now set, Wells Fargo says investors can turn attention to the company’s clinical and late-stage pipeline, which includes anticipated readouts in 2026 for CelMoDs, LPA1, Milvexian, and Cobenfy.
The firm attributes the stronger guidance mainly to raised expectations for Eliquis. At the midpoint, management's outlook embeds a mid-single-digit percentage increase across growth products, according to the Wells Fargo view.
For the 2026 growth portfolio specifically, Bristol-Myers Squibb projects a deceleration in Opdivo growth to low-single-digit percentages as initial launches mature. Management expects continued demand increases for Orencia and Yervoy, along with ongoing strength from Camzyos, Breyanzi, and Reblozyl.
Separately, Bristol-Myers Squibb reported robust fourth-quarter 2025 results. The company delivered earnings per share of $1.26, topping analysts' estimates of $1.12. Revenue for the quarter was $12.5 billion, above the expected $12.24 billion. Those results were cited alongside fresh analyst commentary from Truist, which reiterated a Buy rating and set a $65 price target.
Truist's commentary was supported by encouraging clinical trial data for Bayer's asundexian, a competitor therapy with a similar mechanism of action, which Truist said bolsters the outlook for Bristol-Myers Squibb. These developments were taken as a favorable signal by that firm.
Investors and market watchers will continue to track the company’s operating performance, guidance execution, and upcoming pipeline readouts through 2026 for further clarity on the growth trajectory.
Key points
- Wells Fargo raised its Bristol-Myers Squibb price target to $60 from $55 and maintained an Equal Weight rating.
- Bristol-Myers Squibb's Q4 2025 results beat expectations: EPS of $1.26 versus $1.12 expected, and revenue of $12.5 billion versus $12.24 billion expected.
- With guidance set, attention shifts to 2026 pipeline readouts for CelMoDs, LPA1, Milvexian, and Cobenfy; Eliquis is a primary driver of stronger guidance.
Sectors impacted: Healthcare, Pharmaceuticals, Capital Markets.
Risks and uncertainties
- Pipeline readouts in 2026 will materially influence investor sentiment and could alter the trajectory implied by current guidance - impacts are focused on biotechnology and pharmaceuticals.
- Competition from rival drugs, exemplified by Bayer's asundexian, introduces uncertainty around market share and product performance in anticoagulant therapies.
- Execution risk on guidance - if growth products do not meet mid-single-digit expectations, revenue and earnings momentum could be affected, with implications for equity market valuation.
Note: All figures and analyst views reported in this article are those stated by the company and the analysts cited.