Amgen Price Target Raised to $450.00 Amid Strong Q2 Results
Amgen's price target was raised by BMO Capital Markets to $450.00 from its previous estimate of $400.00, representing a potential upside of 15.20% from the company's current stock price. The brokerage firm has an 'outperform' rating on Amgen's stock. This is not the only recent change in estimates for Amgen; last week, Cantor Fitzgerald reiterated a 'neutral' rating with a target price of $350.00.
The medical research company reported better-than-expected earnings and revenue for its second quarter, citing broad-based demand across 22 products with double-digit sales growth. The company's Q2 results exceeded expectations, with adjusted earnings per share (EPS) of $6.29 versus the consensus estimate of $5.62, and revenue rising 9.5% year-over-year to $10.05 billion, beating estimates of $9.43 billion.
Amgen has also raised its full-year guidance for 2026, expecting revenue between $38.2 billion and $39.4 billion, above the previous outlook and ahead of Wall Street's estimate. The company's pipeline and analyst confidence remain supportive, with William Blair reiterating a 'Buy' rating, pointing to late-stage pipeline catalysts and portfolio growth.