Pharma giant Bristol Myers Squibb Co. (BMY) saw its coverage initiated with an ''Outperform'' rating on Friday by analysts at Wells Fargo.
The analyst also set a $25-$27 valuation range on BMY, which had closed at $22.34 on Thursday.
Wells said that ''strategic repositioning ahead of patent cliff, new product flow between 2009-2012, broadening R&D portfolio through selective risk-sharing, and high dividend yield underlie our positive thesis.''
Bristol Myers shares were mostly flat in morning trading Friday.
The Bottom Line
We recently added shares of BMY to our ''Best Dividend Stocks'' list on Aug.25, when the stock was trading at $22.58. The company has a dividend yield of 5.55%, based on last night's closing stock price of $22.34.
