As reported earlier, BMO Capital analyst Alex Arfaei upgraded Bristol-Myers to Outperform from Market Perform and raised his price target to $60 from $56, saying the risk-reward on the stock at current price "seems attractive". The analyst notes that a number of R&D setbacks have reduced expectations for the company's immuno-oncology franchise, raising his forecasts on Opdivo to reflect the "low" street consensus. Arfaei adds that the Street is modeling flattish gross margins, but his forecast calls for a 2% improvement by 2021 with Opdivo revenue expectations coming about 10%-15% above consensus. The analyst also raises his FY19 EPS view to $4.18 from $3.93 to reflect the more optimistic Opdivo targets.

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Reports Q1 revenue $11.9B, consensus $11.46B. "We had a good start to 2024, with revenue growth, important advances in our pipeline and the closure of several strategically important transactions. Our focus remains on strengthening the company's long-term growth profile. As a part of our continued evolution, we're executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.