Amgen Upgraded to 'Buy' Rating as Earnings Exceed Expectations
The pharmaceutical giant Amgen (NASDAQ:AMGN) has been upgraded by Wall Street Zen from a 'hold' rating to a 'buy' rating. This upgrade comes after Amgen reported its second-quarter earnings, which exceeded expectations with revenue of approximately $10.05 billion and adjusted earnings of $6.29 per share.
The company's guidance was also raised, with management now expecting fiscal-year earnings of $22.30 to $23.50 per share. This growth is driven by an increase in cardiovascular, bone-health, and rare-disease medicines.
Several analysts have set price targets for Amgen, including BMO Capital Markets, which increased its target to $450, while UBS and TD Cowen set targets of $440 and $452, respectively. However, not all analysts are bullish on the stock, with Wells Fargo raising its target to $400 and Canaccord Genuity to $384.