Jefferies Raises Price Target on Amgen

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Analysts at Jefferies on Friday, March 28, 2014, released its new price target regarding Amgen
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, Jeffries is increasing its United States and European Union sales estimates for 2017-2020 by 22 to 49 percent. According to Jeffries, this new estimate reflects its broad use in hypercholesterolemia. Jeffries now estimates sales to be at approximately $1.7 billon in 2019, this is up $0.5 billion from its estimate of $1.2 billion. The price target issued by Jeffries is based on: • 1 P/E multiple of ~16x (2015 P/E for big pharma) to our 2015 EPS forecast of $9.26, discounting at 10 percent. • 2 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.
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Posted In: EarningsNewsGuidance
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