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Upgrades: BMY, ARCC, IP, PKG
Friday, June 11, 1:24 PM ET

This morning, Citigroup upgraded shares of Bristol-Myers Squibb (NYSE:BMY) from hold to buy as the company's pipeline of new products remains strong. With the upgrade, the firm increased its price target from $28 per share up to $30.

Shares of BMY were trading higher on the upgrade, gaining a little more than 3.5% this morning.

Bank of America resumed its coverage on shares of Ares Capital (NASDAQ:ARCC) this morning, reinstating its buy rating. The firm sees the company benefitting from the Allied Capital merger and has set a new price target of $16 per share.

In morning trading, shares of Ares Capital were heading lower with the markets, off more than 4%.

And investment firm Longbow upgraded shares of both International Paper (NYSE:IP) and Packaging Corporation of America (NYSE:PKG) to buy. The firm sees higher box prices and tigher supplies helping both companies with their bottom line.

Shares of International Paper were showing gains a little above 1% while PKG shares were higher by more than 3.5%.

For MarketNewsVideo.com, I'm Sayoko Murase.

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