UPDATE: UBS Upgrades Amgen (AMGN) to Buy; Pipeline Visibility Higher

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(Updated - September 10, 2012 12:22 PM EDT)

UBS upgraded Amgen (NASDAQ: AMGN) from Neutral to Buy. PT raised from $80 to $96.

Analyst, Matthew Roden, said, "Our previous Neutral rating on the industry bellwether had been predicated on an anemic topline growth profile, and a lack of visibility into clear revenue growth drivers in the pipeline. We now take a more constructive outlook ahead of phase 2 data for AMG 145 (lipid-lowering) and AMG 785 (bone health)."

FY13 EPS estimate raised from $6.27 to $6.81.

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 $83.96 yesterday, with a 52 week range of $52.85-$85.28.

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