Buy Bristol-Myers (BMY) On Weakness - Jefferies
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Price: $46.31 +5.11%
Rating Summary:
7 Buy, 7 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 13
Rating Summary:
7 Buy, 7 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 13
Trade BMY Now!
Jefferies reiterated thier Buy rating on Bristol-Myers Squibb Co. (NYSE: BMY) Monday, saying the sell-off on the suspension of the INX-189 study is an over-reaction and to buy on weakness.
"We have never commented on the Inhibitex acquisition as anything other than over-priced and high risk," says analyst Jeffrey Holford. "Therefore the suspension of the INX-189 study saw an understandably strong share price reaction, though it is overdone in our view on valuation terms. Positive timeline revisions on anti-PD-1 offset much of the impact in our model and we strongly reiterate our Buy recommendation at these levels ahead of the US Eliquis approval."
The firm trimmed its price target from $39 to $38.
FY12 EPS goes from $1.90 to $1.91.
For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.
Shares of Bristol-Myers Squibb Co. closed at $32.64 yesterday, with a 52 week range of $25.69-$36.34.
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"We have never commented on the Inhibitex acquisition as anything other than over-priced and high risk," says analyst Jeffrey Holford. "Therefore the suspension of the INX-189 study saw an understandably strong share price reaction, though it is overdone in our view on valuation terms. Positive timeline revisions on anti-PD-1 offset much of the impact in our model and we strongly reiterate our Buy recommendation at these levels ahead of the US Eliquis approval."
The firm trimmed its price target from $39 to $38.
FY12 EPS goes from $1.90 to $1.91.
For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.
Shares of Bristol-Myers Squibb Co. closed at $32.64 yesterday, with a 52 week range of $25.69-$36.34.
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