J.P. Morgan Maintains Neutral on Bristol Myers Squibb

J.P. Morgan is out with its report today on Bristol Myers Squibb BMY, maintaining Neutral. In a note to clients, J.P. Morgan writes, "Bristol and Pfizer PFE today released very positive top-line results of the key phase III ARISTOTLE trial comparing apixaban to warfarin in patients with atrial fibrillation. Today's release further confirms Bristol as having one of the strongest new product portfolios/ pipelines in the industry relative to its size. We anticipate shares will respond positively to today's news, but with the stock already trading at 14x trough 2013E EPS (nearly a 50% premium to the group), we are maintaining our Neutral rating." At the time of posting, shares of BMY were trading at $29.27, up 5.52% from Wednesday's close.