Cantor Fitzgerald Lifts Amgen Price Target to $400 Amid Strong Earnings
Cantor Fitzgerald has increased its price target for Amgen Inc. (NASDAQ:AMGN) to $400, up from $350, and maintained a Neutral rating on the stock.
The biotechnology giant is currently trading at $425.40, surpassing the new target by over $25, with shares up 30% year-to-date and nearly 48% over the past year.
The firm raised its fiscal 2026 revenue forecast for Amgen to $39.2 billion, which remains above the high end of the company’s guidance, reflecting stronger performance expectations for core portfolio products including Repatha, Evenity, and Uplizna.
Cantor Fitzgerald's revised outlook is based on an updated financial model that incorporates second-quarter results and recent business trends, with sales estimates for Amgen's key drug franchises contributing to the higher revenue projections.