Goldman Sachs downgraded Bristol Myers (BMY) to Neutral from Buy with a price target of $55, down from $67, after assuming coverage of the name. While the magnitude of Bristol’s “stacked” loss of exclusivity exposure is well understood and reflected in the stock’s valuation, there remains a “significant gap to bridge the expected declines in revenues in the coming year,” the analyst tells investors in a research note. The firm says this presents a challenge in its stock picking framework.
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