Amgen "outperform," target price reduced

28.04.08 - Credit Suisse

NEW YORK, April 28 (newratings.com) - Analysts at Credit Suisse reiterate their "outperform" rating on Amgen Inc (AMGN). The target price has been reduced from $63 to $56.

In a research note published on April 25, the analysts mention that the company has posted its quarterly revenues across key products short of the estimates. Amgen was able to beat the EPS estimates due to lower-than-expected expenses, the analysts say. Aranesp?s sales are expected to decline steeply going forward due to anticipated label changes, Credit Suisse adds.