Amgen (AMGN) Raising PT - Jefferies

Jefferies analyst, Eun Yang, reiterated his Buy rating on shares of Amgen (NASDAQ: AMGN) after the company delivered a 2Q EPS beat on higher product sales/ in-line OpEx. The company also increased FY16 EPS/revenue guidance to reflect recent launches & growth brand progress absorbing the competitive impact on legacy products.

With recent Phase 2b success of erenumab, the analyst believes is adding incremental revenue to the model and ups the PT to $198 from $187. He continues to view AMGN as areasonably attractive at current valuation ('17 PE of ~14.6x vs. median ~15.4x/16.3x for biotech/pharma).

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 $170.68 yesterday.

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