UPDATE: Bank of America Merrill Lynch Upgrades Bristol-Myers Squibb to Buy, Reiterates $36 PT

In a report published Friday, Bank of America Merrill Lynch upgraded its rating on Bristol-Myers Squibb Co.

to Buy, and reiterated its $36.00 price target. BofA Merrill Lynch noted, “With BMY shares off 9% this year and with our PO at $36, we now see enough total return potential over the next year or so to justify a Buy rating...As we have been since our March 2011 launch, we remain more bullish than our peers on Major Pharma with 3 Buys and 1 Neutral. We see BMY as somewhat riskier than our other Buys, as we believe more needs to go right from a pipeline delivery standpoint. But the recent sell-off following the HCV pipeline product setback makes this risk more palatable, in our view...Recall that we expect approval of BMY/PFE's novel anticoagulant, Eliquis, in 1Q13. An approval and successful launch will be crucial for the stock and is highly relevant to our thesis. PD1 for cancer represents an exciting, potentially multibillion dollar opportunity for which we have modest sales in our model.” Bristol-Myers Squibb Co. closed on Thursday at $32.15.