Deutsche Bank Upgrades Amgen (AMGN) to Buy, EPS Growth and Pipeline Offers Upside

Deutsche Bank upgraded Amgen (NASDAQ: AMGN) from Hold to Buy with a price target of $108.00, up 29% from $84.

" Despite a recent move in shares, we continue to see upside as Amgen still trades at a discount to its pharma peers despite better ROE (28% vs 21%), EPS growth (14.8% vs. -0.3%) . We think the co's dividend will continue to grow closer to the pharma avg over the next 2 years (we model 35-40% dividend growth and a dividend yield of 3% by 2014-ABOVE consensus). Amgen also looks attractive from the biotech view, as the co trades at a 20-30% discount vs its biotech peers despite EPS growth that is only 10% lower than the group. "

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 $87.16 yesterday.

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