Jefferies has downgraded Bristol-Myers Squibb BMY from a Buy Rating to a Hold Rating.
According to Jefferies, "The US approval of Yervoy has brought the stock price within 8% of our price target. With a heavy launch schedule ahead and pricing pressure compressing margins we see little room now for near term EPS momentum. As a result we have downgraded the shares to Hold from Buy."
BMY has a $28.50 PT and closed at $26.47 yesterday.
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