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UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Amgen

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In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Amgen (NASDAQ: AMGN), and raised its price target from $92.00 to $100.00.

Jefferies noted, “AMGN reported ~in-line 3Q12 total product sales and ~10% beat on EPS on lower OpEx; upped FY12 guidance for revenue slightly and EPS by ~4-5% to partly reflect 3Q12 EPS beat. At its reasonable valuation (~12.6x '13 earnings vs. ~15x for peers vs. ~12x for pharma), stable current revenue, some promising products in development, and increasing quarterly cash dividend ($0.36 in 4Q12 from $0.28 in 3Q11), AMGN represents a good value play.”

Amgen closed on Tuesday at $87.32.

Latest Ratings for AMGN

DateFirmActionFromTo
Aug 2016Gabelli & Co.Initiates Coverage onHold
Jul 2016CitigroupMaintainsNeutral
Jul 2016Morgan StanleyMaintainsOverweight

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