UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Amgen Following Biosimilar Conference

In a report published Wednesday, Deutsche Bank analyst Robyn Karnauskas reiterated a Buy rating on Amgen AMGN, and raised the price target from $138.00 to $142.00. In the report, Deutsche Bank noted, “We attended a biosimilar conference in order to learn more about the OPP'Y for Amgen. We came away with a greater understanding as to the impact of Biosimilars on AMGN's base biz & have adjusted our model accordingly. We also grew more comfortable in the Biosmilar opp'y for AMGN. We now include a probability adjusted Biosimilar revs beyond 2017 & note net/net biosimilars have a positive NPV to AMGN. Please ask for our Biosimilar APP.” Amgen closed on Tuesday at $115.46.