Shares of Bristol-Myers Squibb (BMY) are on the move Friday, up 1.1% after analysts at UBS increased their price target to $72 from $62. The analyst maintains his buy rating and the new price target that implies about 12.5% upside from current levels.
It doesn't seem to matter if Bristol-Myers disappoints in tests, drugs or anything else, the stock just keeps going higher, TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.
The analyst also increased his estimates for Opdivo sales, thanks to less competitive pressures for Bristol's peers. The stock came within 10 cents of its 52-week high, although Bristol-Myers' all-time high, set in mid-2016, is up near $76.
"Bristol-Myers is back," Cramer said, "this is amazing." Shares just continue to grind higher despite what seems like a lot of noise surrounding the stock lately. Opdivo was the company's largest drug by sales last quarter, which saw revenue climb 42%. Eliquis is close behind, though, and saw sales jump more than 51%.
"When you have a market that is this bullish, no one is going to leave behind Bristol-Myers," Cramer concluded.
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