Amgen (AMGN) PT Raised to $315 at Cantor Fitzgerald

Cantor Fitzgerald analyst Carter Gould raised the price target on Amgen (NASDAQ: AMGN) to $315.00 (from $305.00) while maintaining a Neutral rating.

The analyst commented, "Straightforward 3Q beat (+$596mn on Revs; +62c on EPS) justified higher guidance, even despite yet another step-up in R&D (now mid-20% range for ‘25). Ironically, confirmation of a delay of olpasiran OCEAN(a) data into ’27 (lining up with pivotal MariTide data) likely puts even more focus on commercial dynamics over at least the 1H26. That’s not a bad setup for AMGN shares, given the breadth of recent momentum across key brands likely to continue (Repatha, Evenity, Tezspire, Imdelltra) and with label expansions on the way (Uplizna, Imdelltra), and biosimilar pressures well-appreciated across Prolia/Xgeva (even though they haven’t materialized thus far). We suspect the key catalysts (Ocean(a), MariTide) will overshadow much of the commercial portfolio towards the 2H26, but for now incremental clarity on the pace of R&D expense (no subsequent step-up) and with line-of-sight to some upside drivers, likely reduces some of the risk around the FY26 guide and ultimately supports LSD EPS growth without aggressive assumptions. Therefore, we are raising our 12-month price target to $315 from $305, while maintaining our N rating."

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