BMO Capital analyst Alex Arfaei raised his price target on Bristol-Myers (BMY) to $62 and kept his Outperform rating, saying its proposed Celgene (CELG) merger is the "right step at the right time." The analyst contends that the company needs to diversify its offerings because of the volatility in immuno-oncology and also boost its long term growth prospects because of the loss of exclusivity for its Eliquis and Opdivo products. Arfaei believes that the combined company will be "meaningfully more diversified and in a better position to fill patent cliffs during 2025-2030" period.