Market Overview

UPDATE: Oppenheimer Raises PT to $89 on Amgen

Share:
Related AMGN
These Companies Probably Won't Be Acquiring Ariad Pharmaceuticals
Why This Trader Is Watching Amgen
Amgen's First Drug For Cardiovascular Disease Gets The Green Light (GuruFocus)

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
Jan 2015BarclaysInitiates Coverage onEqual-weight
Jan 2015Morgan StanleyDowngradesOverweightEqualweight
Oct 2014CitigroupMaintainsBuy

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...