Amgen "neutral," target price raised

28.07.07 - Credit Suisse

NEW YORK, July 28 (newratings.com) - Analysts at Credit Suisse maintain their "neutral" rating on Amgen Inc (AMGN). The target price has been raised from $53 to $56.

In a research note published yesterday, the analysts mention that despite the weak Aranesp sales performance in 2Q07, the company has posted its results for the quarter in-line with expectations. Amgen has reduced its EPS guidance for the year from $4.30 to $4.28, which is contingent upon the final CMS policy in the oncology sector. Epogen's sales prospects have improved, in view of the better-than-anticipated CMS proposal for ESRD and the robust quarterly results, Credit Suisse adds.