Amgen "buy," estimates reduced

24.07.07 - Stifel Nicolaus

NEW YORK, July 24 (newratings.com) - Analysts at Stifel Nicolaus & Company maintain their "buy" rating on Amgen Inc (AMGN), while reducing their estimates for the company. The 12-month target price is set to $64.

In a research note published this morning, the analysts mention that although Amgen is likely to post its 2Q07 results short of the consensus, this is already reflected in the company?s current share price. Amgen would be required to reduce its EPS guidance for 2007 from $4.30-$4.50, the analysts say. The company?s Aranesp revenues are expected to continue to decline through 2007, Stifel Nicolaus & Company adds. The EPS estimates for 2007 and 2008 have been reduced from $4.28 to $4.13 and from $4.42 to $4.31, respectively.