Amgen (AMGN) Price Target Raised to $138 at Deutsche Bank

August 26, 2013 1:50 PM EDT
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Price: $152.72 -1.26%

Rating Summary:
    18 Buy, 14 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Deutsche Bank today maintained a Buy on Amgen (NASDAQ: AMGN) and raised its price target to $138.00 (from $115.00). Analyst Robyn Karnauskas thinks the company's acquisition of Onyx (Nasdaq: ONXX) will create value.

"We expect this deal to be -2% dilutive for AMGN in 2014 and 3% accretive in 2015. Our calculations suggest significant annual accretion (>20%) post 2018. We model ~25% synergies for ONXX SG&A & R&D, which should save ~$225M annually at peak. We see 2014/2015/2016 EPS at $8.43/$9.09/$9.51 vs. $8.53/$8.87/$8.84 previously. We now see AMGN Revenues and EPS growing at CAGRs of 3% & 9%, respectively (previously 0% and 5%) by 2020," said Karnauskas.

For an analyst ratings summary and ratings history on Amgen (NASDAQ: AMGN) click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $105.60 yesterday.

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