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

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Credit Suisse downgraded Amgen (NASDAQ: 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 [sic] (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.

Latest Ratings for AMGN

DateFirmActionFromTo
Jun 2016BernsteinInitiates Coverage onMarket Perform
Apr 2016BMO CapitalInitiates Coverage onOutperform
Feb 2016CitigroupInitiates Coverage onNeutral

View More Analyst Ratings for AMGN
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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