Bristol-Myers shares seen rising - Barron's
Sun Mar 8, 2009 5:40pm EDT
NEW YORK, March 8 (Reuters) - Bristol-Myers Squibb Co (BMY.N: Quote, Profile, Research, Stock Buzz) shares could go up at least 40 percent in the next year, boosted by good results, and chances of a takeover attempt, Barron's said.
The drugmaker's stock has fallen 23 percent in recent weeks, and is close to its lowest level in one year, the weekly business newspaper said in its latest edition dated March 9, suggesting there is room for a rebound.
Bristol shares closed up 3.7 percent to $18.35 on Friday on the New York Stock Exchange, and Barron's said the stock could climb up to $30 over the next 12 months.
The company faces investors concerns about the expiration of the patent of its blood-clot preventer Plavix in 2011, which could hurt revenue, but Barron's said that Bristol could cushion the impact with new drugs and acquisitions.
In addition, Bristol-Myers has long been rumored as a possible takeover target of large drugmakers who need new products to offset sales declines from looming patent expirations, Barron's said.
The company has also posted better-than-expected quarterly earnings and is trying to create value for its shareholders, the newspaper said. (Reporting by Juan Lagorio, editing by Bernard Orr)
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