Bristol Myers Squibb (BMY)

Dec 2, 2021Trade Ideas

Keep an eye on Bristol Myers Squibb (BMY).

The severely beaten down stock appears to have bottomed out, with oversold RSI, MACD, and Williams’ %R. The last time BMY became this oversold, it would jump from about $52.50 to a high of $68.78 not long after. Along with buying an excessively oversold stock, you also have the opportunity to collect dividends here. At the moment, BMY carries a yield of 3.65%.

Even analysts at Bank of America believe BMY offers an attractive opportunity.

“We see current levels as particularly attractive, with shares fundamentally positioned much better than what valuation currently reflects at less than 7 times 2022 estimated earnings versus 14 times for peers,” says BofA analyst Geoff Meacham, as quoted by “Weakness across the broader healthcare sector this fall has been a source of frustration for many investors, and BMY shares stand out as a notable underperformer.”

From a current price of $55, we have a near-term price target of $70 a share.

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