BofA Reiterates Neutral, $34 PT On Bristol-Myers

In a note out today, Bank of America reiterated a neutral rating and $34 price target on pharmaceutical giant Bristol-Myers Squibb

, implying limited upside from current levels. “While Yervoy sales may see some near-term volatility following the launch of Zelboraf, our bullish view on Yervoy is unchanged. We currently model 2016 WW Yervoy sales at $1.6bn. We remain constructive on the BMY story but are Neutral on the stock as high relative valuation reflects a bullish outlook,” BofA said in the note.