Amgen "neutral," target price reduced

13.04.09 - Robert W. Baird

NEW YORK, April 13 (newratings.com) - Analysts at Robert W Baird reiterate their "neutral" rating on Amgen Inc (AMGN), while reducing their estimates for the company. The target price has been reduced from $65 to $60.

In a research note published this morning, the analysts mention that the company is expected to post weak 1Q09 results in the wake of weak prescription data and the recent management commentary. Amgen is expected to continue facing some pressures going forward due to the negative impact on its revenues. The EPS estimates for FY09 and FY10 have been reduced from $4.68 to $4.60 and from $5.10 to $5.06, respectively.