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Fundamental analysis: Bristol - Myers Squibb Co. #BMY

💡 J.P. Morgan recommends buying shares in pharmaceutical giant Bristol-Myers #BMY following the company's third-quarter financials.

⚡️ Growth factors:

• The company did better than analysts' expectations for the third quarter with earnings per share (EPS) of $ 1.63, $ 0.15 above consensus. Revenue was $ 10.45 billion, better than forecast by $ 198 million.

• Management also raised its forecast for EPS in 2020, based on stable growth in sales of core products and a quality portfolio of products under development.

• News on cancer drug Opdivo is coming soon, and data on studies of the encoded TYK2 genome, also used to treat psoriasis, is expected in the first half of 2021.

• Also TYK2 showed higher efficacy in the treatment of psoriasis compared to Otezla, owned by Amgen. The bank separately notes the significant commercial opportunities for the drug and the improvement in its safety, which remains the focus of attention.

• The company trades at an attractive 2021 P / E valuation of 8.5.

🎯 Target price - $ 78, upside potential + 20%.

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