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By: Dividend Daily
May 01, 2013 at 10:14 AM EDT
Goldman Sachs Upgrades Amgen to “Conviction Buy” (AMGN)
Goldman Sachs reported on Wednesday that it has upgraded biotechnology firm, Amgen, Inc. (AMGN).
The firm has raised its rating on AMGN from “Neutral” to “Conviction Buy,” and has increased the company’s price target from $100 to $130. This price target suggests a % upside from the stock’s current price of $106.53.
An analyst from the firm commented, “AMGN is entering a period where several of its key biologic franchises are coming off patent between 4Q13 and 2H15. However, we believe this is anticipated by investors and for the most part already reflected in consensus estimates. We project that AMGN’s pipeline (key readouts in 1Q14-2015) and own biosimilars (first launch in 2017) will allow it to replace the potential revenue that could be lost to competition and grow its base.”
Amgen shares were up $2.04, or 1.96% during Wednesday morning trading. The stock has increased 51% in the past year.
The Bottom Line
Amgen, Inc. (AMGN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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