BMYMP - Bristol-Myers Squibb: Move Investing Time Horizon To 2025 At Least

2024-06-13 16:13:36 ET

Summary

• Bristol-Myers Squibb Company stock has taken a big tumble in the past quarter following its sharply reduced earnings guidance, but there are still plenty of positives going for it.
• Better than expected revenue growth in Q1 2024, earnings reduction being restricted to one year only and its recent cost reduction initiatives indicate better times from 2025 onwards.
• Its still elevated forward P/E indicates it's unlikely to see an uptick anytime this year, but it's still a good time to start buying the stock for next year.

Before anything else, let me just say that pharmaceuticals stock Bristol-Myers Squibb Company ( BMY ) is no longer quite the promising buy for 2024, as I had anticipated when I last wrote about it in March. As it happens, with its first quarter (Q1 2024) results , it dramatically reduced its earnings projections, resulting in a 22% price fall since. This doesn’t just cast a negative light on its fundamentals but also makes the stock’s market valuation metrics far less competitive....

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