Barclays analyst Geoffrey Meacham upgraded Bristol-Myers Squibb (BMY) to Overweight from Equal Weight and raised his price target for the shares to $55 from $53. The analyst says increased confidence in the Celgene (CELG) acquisition successfully closing makes him more bullish on Bristol-Myers shares. Increased optionality from the Celgene pipeline along with a “differentiated” growth profile and earnings power over the next few years make the combined company attractive at current share levels, Meacham tells investors in a research note.
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