Amgen "neutral," target price reduced - update

16.08.07 - Credit Suisse

NEW YORK, August 16 (newratings.com) - Analysts at Credit Suisse maintain their "neutral" rating on Amgen Inc (AMGN). The target price has been reduced from $56 to $54.

In a research note published this morning, the analysts mention that the company has projected a 70% decline in Medicare sales in CIA on account of the potential impact of the final NCD (National Coverage Decision). Amgen has reduced its adjusted EPS guidance for 2007 from $4.28 to $4.13-$4.23. The company?s operating expenses are likely to be sequentially flat or marginally higher in 2007, the analysts say.