Bristol Myers Lowered To Equal Weight On Valuation At Morgan Stanley

In a note out this morning, analyst David Risinger of Morgan Stanley lowered his rating on Bristol Myers

from Overweight to Equal-Weight, but maintained his $60 price objective. The change is attributed to the recent rally in the shares, with BMY having rallied 17 percent since October 2. With the stock now trading just below the $60 price target (closed at $58.61), he feels an equal-weight rating is now appropriate. Morgan Stanley Investment Thesis -We expect rising pipeline enthusiasm to drive stock outperformance. -BMY should trade at a significant premium to group P/E due to strong pipeline. -BMY stock is likely to be volatile (positive/negative) on immuno-oncology (nivo, or PD-1) newsflow. Shares of BMY are trading slightly lower in pre-market trade at 58.32