Bristol Myers Squibb (BMY) Stock Trades Below Fair Value As Caution Lingers

Bristol-Myers Squibb has delivered a 51.6% gain over the past year, helped by fresh drug data and a steadily expanding pipeline, which puts fresh focus on what investors are really paying for its future cash flows today. With the stock recently closing at US$63.88, the key issue is whether that price still lines up with what the company’s current and prospective cash generation can support. Bristol-Myers Squibb’s 51.6% one year return puts meaningful expectations into the share price, so the...