Morgan Stanley kept its view that Bristol Myers Squibb shares may lag and cut its target price to $40 per share from $41 per share. The target implies a possible 34.8% fall from the October 29 close, despite a 2.2% rise in BMY shares in the supplied data.
That points to weaker confidence in what investors may get from the shares. The report gives no new company results, so it reflects Morgan Stanley's opinion rather than proof that Bristol Myers's business has worsened.
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