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.

Must Read: Warren Buffett's 25 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

BMY Chart

BMY data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

More from Markets

Trade Tussle Sinks Stocks, Oil Slides, Micron, Daimler - 5 Things You Must Know

Trade Tussle Sinks Stocks, Oil Slides, Micron, Daimler - 5 Things You Must Know

Bank of England Holds Rates Steady, But Vote Shift Signals Hawkish Tone

Bank of England Holds Rates Steady, But Vote Shift Signals Hawkish Tone

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

5 Biggest U.S. Tech Stocks Test $4 Trillion Valuation Amid Bullish Nasdaq Run

5 Biggest U.S. Tech Stocks Test $4 Trillion Valuation Amid Bullish Nasdaq Run

Trade War Fear Creeps Back Into Markets on Thursday

Trade War Fear Creeps Back Into Markets on Thursday