RBC Capital reiterates Bristol-Myers Squibb stock rating at Sector Perform

• RBC Capital reiterates Sector Perform on BMY with $64 price target • Q3 2026 revenue seen 2% above consensus, led by Eliquis, Revlimid and growth drivers • Upcoming milvexian and admiliprant data seen as bigger catalysts than Q3 results RBC Capital reiterated a Sector Perform rating on Bristol-Myers Squibb (BMY) and kept its $64 price target, with shares trading at $59.47 — undervalued per InvestingPro's Fair Value model. The firm expects strong Q3 2026 execution, with revenue 2% above consensus and EPS about 1% above consensus (ex-IPR&D charges), driven by outperformance in Eliquis and Revlimid (up 29%), plus growth products Qvantig, Breyanzi, Opdualag, Camzyos, Reblozyl and Sotyktu. BMY has paid dividends for 56 consecutive years, yielding 4.22%. RBC's Trung Huynh said investor focus will likely center on binary catalysts — milvexian data in stroke prevention and atrial fibrillation, plus admiliprant commentary — rather than quarterly results. Other analysts are split: Piper Sandler raised its target to $82 on pivotal trial potential, while Cantor Fitzgerald ($53), Wells Fargo ($60, citing EU Eliquis exclusivity loss), Bernstein ($61, after mixed admilparant liver-toxicity data) and Goldman Sachs ($63, ahead of Q4 ALOFT-IPF readout) stayed more cautious.