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Amgen At All-Time High, Deutsche Bank Ups Price Target

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In a note out Tuesday morning, Deutsche Bank reiterated a Buy and raised its price target on Amgen, Inc. (NASDAQ: AMGN) from $163 to $190, citing improving margins and better pipeline.

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 its price target goes to $226.

Amgen shares were trading up 5.16 percent at $155.86, an all-time high for the stock.

Latest Ratings for AMGN

DateFirmActionFromTo
Nov 2019Initiates Coverage OnBuy
Nov 2019UpgradesNeutralOverweight
Oct 2019ReinstatesNeutral

View More Analyst Ratings for AMGN
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Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings Movers

 

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YEXTSunTrust Robinson HumphreyMaintains28.0
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