Story updated at 9:45 a.m. to reflect market activity.
Bristol-Myers Squibb was falling -0.6% to $47.72 in morning trading.
The firm reiterated its "hold" rating for the stock. The lower price target reflects lowered estimates on nivo and ipi, and increasing pressure on operational margin according to Jefferies analysts. The analysts also lowered EPS estimates by 3% to 13% from 2015 to 2018 to reflect the lower estimates for nivo and ipi.
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Separately, TheStreet Ratings team rates BRISTOL-MYERS SQUIBB CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BRISTOL-MYERS SQUIBB CO (BMY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."