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Pharmaceuticals maker Bristol-Myers Squibb Co. ( BMY ) on Monday received some continued bullish support from analysts at Jefferies & Co.

The firm reiterated its "Buy" rating on BMY but lowered its price target slightly, from $39 to $38. That new target still suggests a solid 16% upside to the stock's Friday closing price of $32.75.

A Jefferies analyst commented, "We have never commented on the Inhibitex acquisition as anything other than over-priced and high risk. Therefore the suspension of the INX-189 study saw an understandably strong share price reaction, though it is overdone in our view on valuation terms. Positive timeline revisions on anti-PD-1 offset much of the impact in our model and we strongly reiterate our Buy recommendation at these levels ahead of the US Eliquis approval."

Bristol-Myers shares were mostly flat in premarket trading Monday.

The Bottom Line
We have been recommending shares of Bristol-Myers ( BMY ) since Aug.25, 2009, when the stock was trading at $22.58. the company has a 4.17% dividend yield, based on Friday's closing stock price of $32.64.

Bristol-Myers Squibb Co. ( BMY ) is a "Recommended" dividend stock, 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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