Amgen Inc (AMGN) Gets a Buy Rating from Oppenheimer

By Jason Carr

In a report released yesterday, Jay Olson from Oppenheimer maintained a Buy rating on Amgen Inc (AMGNResearch Report), with a price target of $224. The company’s shares closed on Friday at $198.77.

Olson noted:

“In anticipation of 4Q18 results on 1/29, we publish our new model with various updates. We forecast 4Q revenues of $1.39B for Enrel, $1.04B for denosumab and $2.02B for total growth factors. We are especially interested in the 4Q performance of new products for which we forecast $132M and $48M, respectively. Pipeline updates are expected throughout 2019, most notably for various oncology assets in development. AMGN recently highlighted successful achievement of several financial commitments and $54B of cash returns to shareholders since 2011. We look forward to updated guidance for 2019 along with potential updates on long-term financial objectives and plans for capital allocation. We maintain our Outperform rating, details inside.”

According to TipRanks.com, Olson has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.4% and a 38.1% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Amgen Inc with a $212.50 average price target, which is a 6.9% upside from current levels. In a report issued on January 17, Goldman Sachs also reiterated a Buy rating on the stock with a $232 price target.

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Amgen Inc’s market cap is currently $129B and has a P/E ratio of 53.66. The company has a Price to Book ratio of 8.99.

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