Bristol-Myers Squibb’s prospects are brightening as a takeover target both in regards to recent upbeat drug news and because of its late-stage pipeline, according to the equity research shop at Jefferies. Jefferies upgrades Bristol-Myers to a “buy” rating, and raises the price target on the stock to $35 from $27. Bristol-Myers shares are 1% higher in early trading to $30.84, into an otherwise down market. Jefferies highlights the second-quarter debut of skin-cancer drug Yervoy, and says prospects for Bristol-Myers’s anti-clotting drug Eliquis are looking better as potential competitors are running into troubles with the FDA approval process.
