Amgen upgraded to "outperform"

25.10.07 - Credit Suisse

NEW YORK, October 25 (newratings.com) - Analyst M Aberman of Credit Suisse upgrades Amgen Inc (AMGN) from "neutral" to "outperform." The target price has been raised from $55 to $65.

In a research note published yesterday, the analyst mentions that the upgrade in the rating follows the removal of the overhang on the company?s stock caused by the Roche patent case after Amgen?s unequivocal win. Although 2008 is expected to be a transition year for Amgen?s earnings, a return to growth is likely after 2008, as denosumab moves towards approval and the anemia franchise becomes stable, the analyst says.