Amgen (AMGN) Q1 'Disappointing' - Nomura

Nomura Securities analyst M. Ian Somaiya reiterated a Neutral rating on Amgen (NASDAQ: AMGN) and trimmed his price target from $130 to $129 following 'Disappointing' Q1 results.

Somaiya said, "We are lowering estimates and target price to $129 from $130 following a disappointing 1Q14 earnings that was Amgen’s biggest revenue miss since 1Q09. 1Q14 total revenues were $4.5bn, below our and Street estimates of $4.8bn. While we had initially viewed 2014 guidance as conservative, we now believe it may just be at best achievable. We are adjusting our 2014 sales estimates but leaving future years relatively unchanged given management’s view that inventory led to the 1Q miss. We believe lack of visibility on growth for the company’s base business has increased reliance on Phase III pipeline, which in our view carries significant binary event risk that Amgen’s generalist shareholders should avoid. FY14E EPS at $7.9; FY15E EPS at $7.91."

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 $119.30 yesterday.

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