Bristol-Myers Squibb (BMY): Cutting PT As PFE Backs Away - Citi

Citi analyst, Andrew Baum, reiterated his Buy rating on shares of Bristol-Myers Squibb Co. (NYSE: BMY) but cut his price target to $70 from $78 after the analyst removed an $8/share M&A risk premium from his target price.

The anlyst stated "In our meeting yesterday with PFE’s (NYSE: PFE) CEO, COO and CSO, PFE made clear that they had no interest in BMY in the absence of transformational data or de-rating. We view our newly lowered target price as conservative given the absence of contribution from CHECKMATE-9LA in 1st line NSCLC".

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 $60.18 yesterday.

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