Amgen upgraded to "neutral" - update

12.09.07 - UBS

NEW YORK, September 12 (newratings.com) - Analyst Maged Shenouda of UBS upgrades Amgen Inc (AMGN) from "sell" to "neutral." The 12-month target price has been raised from $50 to $61.

In a research note published this morning, the analyst mentions that the CRDAC has voted against changing the EPO dosing guidelines, with an implied hemoglobin target of 10-12 g/dL. Amgen?s EPS is likely to rise from $4.21 in 2007 to $5.60 in 2010, implying a CAGR of 9.5%, the analyst says.