Amgen At All Time High As Deutsche Bank Ups Price Target

In a note out this morning, Deutsche Bank raised their price target on Amgen (NASDAQ: AMGN) from 163 to 190, citing improving margins and better pipeline, while reiterating a Buy. The note goes on to say "We are feeling bullish about the prospects of the company. The co plans to improveOp. margin by 15% by 2018 which is ahead of our expectations of 10%improvement. In addition, we feel optimistic about AMGN's pipeline whichwould provide robust sales growth (6% by 2018). Overall, we see very robust 2013-2018 EPS growth of ~15% for AMGN suggesting AMGN is currentlyundervalued trading at ~10x of 2018 DBe EPS. Large Pharma 2018 PE is ~13x with expected EPS CAGR of ~8% by 2018. We are raising our AMGN TP to$190 ($163 prev) on margin improvement and higher pipeline probability."Deutsche Bank also sees potential for multiple expansion in the share price, and with 100 percent pipeline their price target goes to $226. Shares of AMGN are trading up 5.16 percent at 155.86, an all-time high for the stock.