Bank of America Raises PO on Amgen to $65

Bank of America has published a research report on Amgen AMGN stating that the firm is making revisions to its AMGN model to include recent events in the company's operations. In the report, Bank of America writes, "We are making significant revisions to our AMGN model to incorporate a series of updates including: 1) the recently completed $5B tender offer, which has a dramatic 40-60c positive EPS impact in 2012-2016; we are also increasing future share repurchases vs our prior estimates, based on our expectation that AMGN will seek to return more cash to shareholders, and keep a lower cash balance; 2) the latest IMS prescription/sales trends; 3) stronger dollar/euro currency trends (1.30-1.31 down from 1.36-1.37). Our revised 2012 EPS estimate of $6.13 is well ahead of $5.82 Street consensus on higher revenues and lower share count." Bank of America maintains its Neutral rating and has raised the price objective from $62 to $65 on Amgen, which is currently trading up $0.30 from yesterday's $64.00 closing price.