Market Overview

UPDATE: Oppenheimer Raises PT to $89 on Amgen

Related AMGN
Amgen, Inc. Poised To Break Higher
UPDATE: Morgan Stanley Reiterates On Amgen, Inc. As Brodalumab Doesn't Need To Be Forgotten
The Tech Industry is Vanishing Before Our Eyes (Fox Business)

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
Jul 2014CitigroupMaintainsBuy
Jul 2014Credit SuisseMaintainsNeutral
Jul 2014Deutsche BankMaintainsBuy

View More Analyst Ratings for AMGN
View the Latest Analyst Ratings

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

 

Related Articles (AMGN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters