Amgen "buy," target price raised

25.08.08 - Morgan Joseph & Co

NEW YORK, August 25 (newratings.com) - Analysts at Morgan Joseph maintain their "buy" rating on Amgen Inc (AMGN), while raising their estimates for the company. The target price has been raised from $77 to $80.

In a research note published this morning, the analysts mention that the company?s Nplate drug for the treatment of chronic immune thrombocytopenic purpura (ITP) is likely to receive a good response and drive Amgen?s performance over the long term. Amgen has received the FDA approval for Nplate and is expected to witness increased revenues over the next few years, the analysts add. The EPS estimate for F2009 has been raised from $4.29 to $4.47.