UPDATE: Credit Suisse Downgrades Amgen to Neutral; Upgrade Catalysts Have Passed

Credit Suisse downgraded Amgen AMGN from Outperform to Neutral and lowered the price target to $90.00. Credit Suisse commented, "The principal reason for our downgrade is that the 3 key elements of our July 2012 report entitled "Upgrading to Outperform = Agency cost + operational gearing + defensive macro call" have been realized, in our veiw (Please refer to our note,"Upgrading to Outperform = Agency cost + Operational gearing + Defensive macro call", published on July 25). We believe investors are likely looking for fundamental (i.e., pipeline and strategy) improvements/triggers in 2013. We have made no changes to our P&L estimates." Amgen closed at $82.07 on Friday.