UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Amgen Following Detailed Market Analysis

In a report published Friday, Citigroup analyst Yaron Werber reiterated a Buy rating on

, but lowered the price target from $139.00 to $131.00. In the report, Citigroup noted, “We conducted a detailed analysis of the myeloma market and conclude that Kyprolis/oprozomib are facing tremendous long-term headwinds that may dramatically limit their appeal. While Kyprolis is a potent drug, its inconvenience and cardiac toxicities are limiting its uptake and new drugs in late stage development offer far more appealing profiles. Given these threats, we are lowering our Kyprolis estimates to below consensus starting in '15. Our new target price is $131 (-$8). We prefer Buy-rated GILD, CELG, and BIIB.” Amgen closed on Thursday at $113.35.