Shortly after the opening bell, we will buy 300 shares of Bristol-Myers Squibb for approximately $56.50. After the trade, Jim Cramer’s Charitable Trust will own 1,200 shares of BMY, increasing its weight in the portfolio from about 1.4% to about 1.9%. The bad breadth of Wall Street has finally caught up with him. The S&P Short Range Oscillator, our trusted momentum indicator, was oversold after Friday’s mixed session, falling minus 4.1%. When the Oscillator is oversold, our discipline says it’s time to be opportunistic and buy stocks of quality companies. In Thursday’s edition of Hometretch, we pointed out that Bristol-Myers Squibb’s recent slide into the mid-$50s looked like an opportunity, especially as it meant the stock missed AbbVie’s rival schizophrenia trial. About half of the profit was returned. medicine Jefferies analysts now share our long-term view on Bristol-Myers. Analysts upgraded their rating to buy from hold on Monday and raised their price target to $70 from $63. Jefferies provided three main reasons for its call, which suggests a 25% upside to the stock’s current price. Analysts believe the drugmaker’s top-rated schizophrenia drug Cobenfy is shaping up to be a big blockbuster. They currently have the drug’s top-selling model at $11 billion, which is higher than Wall Street’s current consensus of $6 billion. Jefferies is also getting more bullish about Bristol-Myers’ pipeline. One drug analysts highlighted was Milvexian, a blood thinner currently in three late-stage trials for the prevention of atrial fibrillation, acute coronary syndrome, and secondary stroke. Jefferies’ third bullish point was higher visibility in the income statement and Bristol-Myers’ ability to navigate its impending patent cliff, particularly from higher sales of Cobain Fi. We agree with all three reasons and believe the stock trading at less than 8 times estimated 2025 earnings with a 4.4% dividend per share is very affordable. We first bought Bristol-Myers in late November and recently added to our position on December 4th. (Jim Cramer’s Charitable Trust is long BMY. See here for a complete list of stocks.) With Jim as a subscriber to the CNBC Investing Club. Cramer, you will receive a trade alert before Jim trades. Jim waits 45 minutes after sending a trade alert before buying or selling stocks in his charitable trust portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. The Investing Club information above is subject to our terms and conditions and privacy policy, along with our disclaimer. No formal obligation or duty exists, or is created, by reason of your receipt of any information provided in connection with Investing Club. No specific results or profits are guaranteed.