Amgen (AMGN) PT Raised to $260 at Truist Securities
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Truist Securities analyst Robyn Karnauskas raised the price target on Amgen (NASDAQ: AMGN) to $260.00 (from $254.00) while maintaining a Hold rating.
The analyst commented, "After 4Q20 EPS call, we took a closer look at AMGN’s profile. Our due-diligence supports our thinking that AMGN is moving into a growth phase & is poised for success; caveat – we don’t know timing. We have greater confidence in volume growth drivers including Repatha, Evenity, Aimovig. We also took a more constructive view on biosimilars to account for pricing dynamics. We see KRAS as key to investor sentiment; we model $1.5B in peak KRAS 3L+ NSCLC sales & need to do more work as our assumptions could be conservative. We updated our model for 4Q20 results; new PT is $260/sh, maintain Hold."
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