Jefferies Downgrades BMY To Hold

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.