RBC Starts Coverage of Bristol-Myers Squibb at Sector Perform, $60 Target
RBC Capital has initiated coverage of Bristol-Myers Squibb Co. (BMY) with a Sector Perform rating and a $60 price objective, saying current valuation reflects market re-rating rather than reduced fundamental risk. The stock is trading above that target amid a six-month rally, while RBC highlights a sizeable Phase 3 pipeline and cautions that sustai…