Amgen "neutral," target price reduced

22.05.07 - Credit Suisse

NEW YORK, May 22 (newratings.com) - Analyst M Aberman of Credit Suisse maintains his "neutral" rating on Amgen Inc (AMGN). The target price has been reduced from $54 to $53.

In a research note published this morning, the analyst mentions that Roche has received an approvable letter for Mircera, which is in-line with the estimate of a late 2007/early-2008 launch. Amgen?s share price is expected to remain more volatile around the September court case, since the Amgen win might keep Mircera away from the market, the analyst says. Amgen?s share price is expected to remain range-bound going forward in the low $50s, Credit Suisse adds.