Market Overview

UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Amgen

Related AMGN
Benzinga's Daily Biotech Pulse: Melinta, Ardelyx Pull Back On Offerings, Insys Awaits FDA Verdict
Benzinga's Daily Biotech Pulse: AstraZeneca's Q1, Novartis-Amgen Migraine Drug Approved
Your Daily Pharma Scoop: Sesen Bio Presents Vicinium Data, UroGen's Mitogel Data, FibroGen In IPF (Seeking Alpha)

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Amgen (NASDAQ: AMGN), and raised its price target from $92.00 to $100.00.

Jefferies noted, “AMGN reported ~in-line 3Q12 total product sales and ~10% beat on EPS on lower OpEx; upped FY12 guidance for revenue slightly and EPS by ~4-5% to partly reflect 3Q12 EPS beat. At its reasonable valuation (~12.6x '13 earnings vs. ~15x for peers vs. ~12x for pharma), stable current revenue, some promising products in development, and increasing quarterly cash dividend ($0.36 in 4Q12 from $0.28 in 3Q11), AMGN represents a good value play.”

Amgen closed on Tuesday at $87.32.

Latest Ratings for AMGN

Apr 2018Morgan StanleyMaintainsOverweightOverweight
Apr 2018BarclaysMaintainsEqual-WeightEqual-Weight
Feb 2018Atlantic EquitiesDowngradesOverweightNeutral

View More Analyst Ratings for AMGN
View the Latest Analyst Ratings

Posted-In: Jefferies & CompanyAnalyst Color Price Target Analyst Ratings


Related Articles (AMGN)

View Comments and Join the Discussion!