Bristol Myers price target lowered to $45 from $53 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Bristol Myers to $45 from $53 and keeps a Hold rating on the shares as part of a Q2 earnings preview. Prescription trends for Bristol’s growth portfolio for Q2 looks light and may weigh on the shares, the analyst tells investors in a research note. The firm says the company’s pipeline “is still a work in progress.” It believes capitalizing on Bristol Myers’ “attractive valuation” in the near- to mid term may be challenging until line of sight to a earnings and sales trough is clear.