UPDATE: Jefferies Raises PT on Amgen from $88 to $92
Jefferies maintained a Buy rating on Amgen (NASDAQ: AMGN) and raised its price target from $88 to $92.
Jefferies noted, “In a surprisingly strong quarter, AMGN provided ~5% beat on product sales and >~20% beat on EPS. On revised guidance (upping FY12 revenue/EPS by ~4%/4%), the 2Q pattern may not continue for 2H12. However, its relatively stable business, inexpensive valuation (~11.5x '13 earnings vs. ~15x for peers vs. ~11x for pharma) & increasing quarterly cash dividend ($0.36 in 3Q12 from $0.28 in 3Q11) will likely attract new investors.”
Amgen closed at $79.29 Thursday.
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