Bristol Myers Squibb "buy," estimates raised

11/19/07 - UBS

NEW YORK, November 19 (newratings.com) - Analysts at UBS reiterate their "buy" rating on Bristol Myers Squibb (BMY), while raising their estimates for the company. The 12 month target price is set to $35.

In a research note published this morning, the analysts mention that the company is expected to announce several changes to its cost base, including a potential consolidation of its manufacturing segment to below 50% of the existing 38 sites and a headcount reduction of 10%-20%. Bristol Myers Squibb is expected to generate $1-$1.5 billion in savings over the next three years, the analysts say. The EPS estimate for 2008 has been raised from $1.67 to $1.75.