Amgen "neutral," target price raised

29.07.08 - Robert W. Baird

NEW YORK, July 29 (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 raised from $64 to $65.

In a research note published this morning, the analysts mention that the company has reported impressive 2Q08 results, with revenues and earnings ahead of the consensus. Amgen has raised its FY08 EPS guidance from $4.00-$4.30 to $4.25-$4.45. The company?s share price is expected to continue to rise in the near term, despite the looming FDA ESA label restrictions, the analysts add. The EPS estimates for FY08 and FY09 estimates have been raised from $4.18 to $4.45 and from $4.49 to $4.60, respectively.