Amgen upgraded to "hold" - update

02.01.08 - Lazard Capital Markets

NEW YORK, January 2 (newratings.com) - Analysts at Lazard Capital upgrade Amgen Inc (AMGN) from "sell" to "hold."

In a research note published this morning, the analysts mention that upgrade in rating follows the recent decline in the company?s share price. Amgen?s revenues are expected to decline this year and the company is likely to generate an EPS CAGR of only 5% in 2007-2010, the analysts say. The company?s ESA franchise is likely to continue to face challenges, Lazard Capital adds.