Market Overview

UPDATE: Oppenheimer Raises PT to $89 on Amgen

Share:
Related AMGN
Why Medivation Will Likely Reject Sanofi's $52.50/Share Buyout Offer
Biotech Boom May Continue Through Earnings Season
Portfolio Update For April 2016 (Seeking Alpha)

Oppenheimer reiterated its Perform rating on Amgen (NASDAQ: AMGN) and increased its price target from $85 to $89.

Oppenheimer commented, "Amgen's 3Q revenues and EPS topped both our estimate and the Street consensus. In addition, Amgen again raised its 2012 revenue and EPS guidance. We highlight weakness in Aranesp and NEUPOGEN were more than offset by growth led by Enbrel, Xgeva, Sensipar and Nplate. Overall Amgen is demonstrating leverage in the model and continues to guide to revenue growth in excess of expense increases. Amgen remains our top pick for 4Q based on anticipated dividend increase of ~30%. We also believe that data from four Phase II studies of AMG 145 at AHA in Nov-'12 could be a significant catalyst. We maintain our Perform rating based on valuation and are increasing our PT to $89/share based on comps analysis."

Amgen closed at $87.32 on Tuesday.

Latest Ratings for AMGN

DateFirmActionFromTo
Apr 2016BMO CapitalInitiates Coverage onOutperform
Feb 2016CitigroupInitiates Coverage onNeutral
Feb 2016Argus ResearchMaintainsBuy

View More Analyst Ratings for AMGN
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (AMGN)

View Comments and Join the Discussion!