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H&R Block Downgrades Bristol-Myers to 'Neutral'

H&R Block downgraded Bristol-Myers (BMY) to neutral from buy.

Analyst Jason Fox says he's not only concerned about lower earnings, but management reshuffling also adds uncertainty to the story. These new job titles and responsibilities may take some time to be fully grasped. Fox says he was expecting about a $0.22 impact from initiatives to reduce inventories; far less than management's estimate of $0.35-$0.40. He cut his $2.06 2002 EPS estimate to $1.44, and trimmed the $2.43 2003 estimate to $1.77. he company's valuation model has become significantly impaired given its EPS shortfall.

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