March 04, 2013 at 08:40 AM EST
Bank of America Merrill Lynch Downgrades Bristol Myers Squibb (BMY)

Bank of America Merrill Lynch reported on Monday that they have downgraded biopharmaceutical company, Bristol Myers Squibb Co.(BMY) to “Neutral.”

The firm has lowered their rating on BMY to “Neutral,” and has given the company a $39 price target. This price target suggests a 4% increase from the stock’s current price of $37.15.

Analysts view the company as having upside potential, but do not believe that BMY should have a “Buy” rating. Estimates have been raised at the firm through 2014 as the company maintains an attractive dividend yield and pipeline.

Bristol Myers Squibb shares were down 24 cents, or -0.65% during premarket trading Monday. The stock has increased 14% in the past year.

The Bottom Line
Shares of Bristol Myers Squibb Co.(BMY) have a 3.77% yield, based on Friday’s closing price of $37.15.

Bristol Myers Squibb Co.(BMY) is a “Recommended” dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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