UPDATE: Morgan Stanley Reiterates On Amgen, Inc. Following Healthcare Conference

In a report published Thursday, Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating on

, but removed the $143.00 price target. In the report, Morgan Stanley noted, “We highlight key takeaways from Amgen's presentation at our Healthcare Conference. "High-level takeaways: (1) Regarding ways to access exUS cash, mgt plans to continue to advocate for corporate tax reform (and repatriation) rather than an inversion strategy. (2) Mgt pointed to continued returns of capital to shareholders and that it plans to discuss the topic in Oct. (3) It appears Mgt has considered the structure of the business in the context of a breakup, but it does not believe a breakup creates sig. value given (a) its single manufacturing/distribution channel; and (b) its concentrated product portfolio. (4) Mgt. again suggested it will address potential cost savings in shared services and external spend at the Oct investor day. (5) On biosimilars, Mgt. believes the regulatory framework will look somewhat similar to Europe, though with even further caution relative to patient safety.” Amgen closed on Wednesday at $139.19.