Amgen (AMGN) PT Raised to $193 at Cowen Post Q2

Cowen analyst Eric Schmidt reiterated an Outperform rating and boosted his price target on Amgen (NASDAQ: AMGN) to $193.00 (from $189.00) amid better-than-expected Q2 results.

Schmidt commented, "Amgen reported above-consensus Q2 revenue ($5.37B vs. $5.31BE) and non-GAAP EPS ($2.57 vs. $2.41E), and raised 2015 revenue (from $20.9-21.3B to $21.1-21.4B) and EPS (from $93.5-9.65 to $9.55-9.80) guidance. We continue to believe AMGN offers superior growth relative to its pharma peers, and expect shares to outperform as its dividend grows and pipeline advances. Our PT goes from $189 to $193."

The firm raised FY 2015 EPS $9.60 to $9.62 and FY 2016 EPS from $10.50 to $10.70.

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 $171.69 yesterday.

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