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Jefferies Raises PT On Amgen, Pricing Pressure Factored IN

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Analysts at Jefferies on Friday, March 28, 2014, released a new price target regarding Amgen (NASDAQ: AMGN).

Equity analyst Eun K. Yang at Jefferies led the research and raised their price target from $138.00 to $145.00 per share.

From the 48 cardiologists' surveys taken, Jefferies is increasing its United States and European Union sales estimates for 2017-2020 by 22 to 49 percent. According to Jefferies, this new estimate reflects its broad use in hypercholesterolemia.

Jefferies now estimates sales to be at approximately $1.7 billion in 2019, this is up $0.5 billion from its estimate of $1.2 billion.

The price target issued by Jefferies is based on:

• P/E multiple of ~16x (2015 P/E for big pharma) to our 2015 EPS forecast of $9.26, discounting at 10 percent. • Sum-of-the parts NPV analysis. Risks associated with Amgen include pricing pressure, competition and regulatory delays/failure of evolocumab (AMG-145)

Shares of Amgen are currently trading at $120.55 as of Friday, March 28, 2014.

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: Eun K. Yang JefferiesAnalyst Color Price Target Analyst Ratings

 

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