Amgen "buy," target price reduced

09.04.07 - Stifel Nicolaus

NEW YORK, April 9 (newratings.com) - Analysts at Stifel Nicolaus & Company reiterate their "buy" rating on Amgen (AMGN). The target price has been reduced from $91 to $65.

In a research note published this morning, the analysts mention that Amgen?s shares are currently attractively prices, following the recent depreciation driven by safety hazard rumours, regulatory concerns and aborted clinical trials. The analysts expect the company?s share price performance, however, to remain volatile through 2007. The target price has been reduced in-line with Amgen?s profitable biotech peers, the analysts add.