Amgen (AMGN) Shares Stall After Huge Rally and Inline Q1, Jefferies Reiterates Buy

Jefferies analyst Michael Yee reiterated a Buy rating and $295.00 price target on Amgen (NASDAQ: AMGN) after the company reported an in-line Q1 and reiterated guidance. However, the stock has had a huge rally from $200 driven by a defensive money flow rotation

The analyst stated "while there are some downside risks this year including the pot'l for choppy Qs and more noise around the IRS tax dispute, we don't think generalists would care and view pullbacks as buying opportunities for a non-binary, dividend yielding, safe haven stock if the environment continues to be challenging."

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 $248.79 yesterday.

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