Jefferies Group Reiterates “Buy” Rating for Bristol Myers Squibb (BMY)

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Bristol Myers Squibb (NYSE: BMY)‘s stock had its “buy” rating reiterated by equities researchers at Jefferies Group in a research report issued on Friday, Stock Ratings Network.com reports. They currently have a $53.00 price target on the stock, down from their previous price target of $53.50. Jefferies Group’s price objective would indicate a potential upside of 12.77% from the company’s current price.

The analysts wrote, “We reiterate Novartis as our Top European and Global Pick with positive growth inflection potential in 2014 and significant restructuring optionality being key drivers. Abbott is our Top US Pick for similar reasons. We highlight Roche, Sanofi and AbbVie as potentially offering particularly attractive entry points following the recent sell-off. AstraZeneca is now our Least Preferred stock.”

A number of other firms have also recently commented on BMY. Analysts at Argus raised their price target on shares of Bristol Myers Squibb from $46.00 to $54.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of Bristol Myers Squibb from $43.00 to $50.00 in a research note to investors on Tuesday. They now have a “market perform” rating on the stock. Finally, analysts at JP Morgan Cazenove raised their price target on shares of Bristol Myers Squibb from $38.00 to $48.00 in a research note to investors on Monday.

One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $43.83.

Shares of Bristol Myers Squibb (NYSE: BMY) traded up 0.02% during mid-day trading on Friday, hitting $47.01. Bristol Myers Squibb has a one year low of $30.64 and a one year high of $49.57. The stock’s 50-day moving average is currently $42.99. The company has a market cap of $77.216 billion and a P/E ratio of 53.23.

Bristol Myers Squibb (NYSE: BMY) last posted its quarterly earnings results on Thursday, April 25th. The company reported $0.41 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.41. The company had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The company’s revenue for the quarter was down 27.0% on a year-over-year basis. Bristol Myers Squibb has set its FY13 guidance at $1.78-1.88 EPS. Analysts expect that Bristol Myers Squibb will post $1.82 EPS for the current fiscal year.

Bristol-Myers Squibb Company (NYSE: BMY) is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products on a global basis.

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