Will This Price Target Reduction Hurt Bristol-Myers Squibb (BMY) Stock Today? (Update)

Update (9:40 a.m.): Updated with Wednesday market open information.

NEW YORK (TheStreet) -- Jefferies reduced its price target on Bristol-Myers Squibb  (BMY) to $47 and set a "hold" rating. The firm cited M&A activity and noted ASCO has been disruptive.

The stock was flat at 9:38 a.m. on Wednesday.

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