Amgen "neutral," target price reduced

25.10.07 - Robert W. Baird

NEW YORK, October 25 (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 has been reduced from $57 to $56.

In a research note published this morning, the analysts mention that the company has reported its 3Q07 non-GAAP EPS ahead of the consensus and the estimates mainly due to continued cost control initiatives. Amgen has reported the quarterly sales of Epogen and Aranesp short of expectations. The stagnation in the company?s overall product sales is likely to continue, the analysts add. The EPS estimates for FY07 and FY08 have been raised from $4.22 to $4.31 and from $4.38 to $4.46, respectively, to reflect cost control.