J.P. Morgan Maintains Neutral on Bristol-Myers Squibb

J.P. Morgan is out with its report today on Bristol-Myers Squibb BMY, maintaining Neutral. In its report, J.P. Morgan writes, "We continue to view pipeline progression as the key driver for BMY shares in 2011 and view the company as having the best pipeline relative to its size in the group. That said, we believe current valuation adequately reflects this with the stock trading at 14x trough 2013E EPS and remain Neutral on BMY shares." At the time of posting, shares of BMY were trading at $29.23, up 1.78% from Friday's close.