HSBC Downgrades Amgen Stock on Valuation Concerns
Amgen Inc.'s stock has taken a hit after HSBC downgraded it to Hold and trimmed its price target. The downgrade, which came on September 10, 2026, was due to valuation concerns as the stock trades close to fair value.
HSBC analyst Morten Herholdt moved Amgen from Buy to Hold and reduced the target price to USD 425 from USD 445. He argued that the shares have re-rated on strong execution and now trade close to the firm's valuation range.
The outcome of the MariTide obesity trial is a key catalyst for the stock, but it's also a potential risk factor if results fail to differentiate the therapy.
Amgen's latest reported numbers show solid underlying growth. In its second-quarter report, the company generated revenue of USD 10.05 billion, up 9.6% year-over-year, and beat consensus estimates with earnings per share of USD 6.29.