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As previously reported, Jefferies upgraded Bristol Myers (BMY) to Buy from Hold with a price target of $70, up from $63. The firm thinks Cobenfy can become a $10B-plus drug, is getting “increasingly more confident” that Milvexian could hit on non-inferiority and has gotten more visibility on profit-and-loss and thinks the thesis that the EPS floor will break $6 is “gone,” noting that it sees an EPS trough in 2029 or earlier with operating leverage.

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