J.P. Morgan Reiterates Neutral Rating on Bristol Myers Squibb Co.

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Bristol Myers Squibb Co. BMY. J.P. Morgan noted, “Maintain Neutral rating. We continue to view pipeline progression as the key driver for BMY shares and see a number of important events in 2013 including the launch of Eliquis, longer-term data on the company's PD-1 program as well as CV outcomes data for Onglyza. That said, we believe current valuation adequately reflects this with the stock trading at 18x trough 2013E EPS and remain Neutral on BMY shares.” Bristol Myers Squibb Co. closed on Friday at $31.90.