BofA/Merrill Lynch Reinstates Amgen (AMGN) at Neutral

BofA/Merrill Lynch reinstates coverage on Amgen (NASDAQ: AMGN) with a Neutral rating and a price target of $152.00.

Analyst Ying Huang comments, "We are reinstating coverage of AMGN at Neutral and a PO of $152, based on 17x our 2015 non-GAAP EPS estimate. AMGN generates strong cash flow from its three core franchises:Epogen/Aranesp, Neupogen/Neulasta, and Enbrel. However, each franchise faces emerging competition. On the positive side, management is focused on reinvigorating growth through international expansion, maximizing operational efficiencies, and new product offerings. In addition, we see potential blockbuster opportunities in Kyprolis and evolocumab.Nevertheless, we struggle to identify additional opportunities that would collectively drive growth on par with its large cap biotech peer group. AMGN may surprise with upside if the biosimilar competition fails to materialize and/or returns to aggressive share buybacks."

For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $140.46 yesterday.

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