UPDATE: Bank of America Downgrades Bristol-Myers Squibb to Neutral on Limited Upside

Bank of America downgraded Bristol-Myers Squibb

from Buy to Neutral and raises the price objective from $38.00 to $39.00. Bank of America noted, "[W]ith the stock now at ~$37 (P/E on ‘13E of 20.6x vs. avg. of 14.2x), we do not see enough total return potential to justify a Buy rating. We remain constructive on BMY with its solid dividend yield (3.8%) and pipeline optionality. Launch progress for Eliquis will be important for the stock in the near/medium term. We are increasing our PO to $39 (from $38) following our model updates and an increased peak sales estimate for nivolumab." Bristol-Myers Squibb closed at $37.15 on Friday.