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- Credit Suisse has initiated coverage on Amgen Inc (NYSE:AMGN) with an Underperform rating and a price target of $240.
- The analysts say that Amgen has had a solid year, with the stock up c.25% year to date, recently driven by early clinical readouts.
- Related: Amgen's Olpasiran Reduced Cholesterol Levels In 95% Of Patients In Mid-Stage Study.
- But, the firm believes management's current setup for growth could be better. The company has guided for a 2022-2030 mid-single-digit revenue CAGR (CSe-1%). This is viewed as an aspirational goal, and do not see the new growth drivers (Lumakras, Tezspire) or the pipeline offsetting the eroding base business revenues.
- Credit Suisse expects additional growth from M&A for Amgen to achieve its target, but meaningful deals could be challenging given the cash commitments for a >60% dividend payout ratio and continued share repurchases.
- Price Action: AMGN shares are down 0.40% at $286.16 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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