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

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 improve Op. margin by 15% by 2018 which is ahead of our expectations of 10%improvement. In addition, we feel optimistic about AMGN's pipeline which would provide robust sales growth (6% by 2018). Overall, we see very robust 2013-2018 EPS growth of ~15% for AMGN suggesting AMGN is currently undervalued 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.