Amgen "neutral," estimates raised

13.07.07 - Robert W. Baird

NEW YORK, July 13 (newratings.com) - Analysts at Robert W Baird reiterate their "neutral" rating on Amgen Inc (AMGN), while raising their estimates for the company. The target price is set to $57.

In a research note published this morning, the analysts mention that the company has accelerated its share buyback, with the authorization of additional shares worth $5 billion. The analysts say that the acceleration indicates that Amgen would lever the share buyback programme to attain the EPS guidance of $4.30-$4.50 for FY07. The EPS estimates for 2007, 2008 and 2009 have been raised from $4.20 to $4.24, from $4.41 to $4.47 and from $4.89 to $4.95, respectively.