UPDATE: Citigroup Reiterates Buy on Bristol-Myers Squibb

Citigruop reiterates its Buy rating on Bristol-Myers Squibb

and price target of $40. Citi notes, “Long-Term Outlook Favors BMY — We model ‘15E-‘20E EPS growth for BMY of ~16% supported by added risk-adj sales for BMY's anti-PD-1 antibody in oncology & our maintained risk-adj. sales est's. for, BMY's hepatitis C franchise & best-in-class blood thinner Eliquis. Our PT is supported by a DCF value of $44/share.” Bristol-Myers Squibb closed at $34.79 on Thursday.