Jefferies Raises Price Target on Amgen (AMGN) to $78

Jefferies boosted its price target on Amgen (NASDAQ: AMGN) from $70 to $78 and reiterated their Buy rating.

The firm comments, "In-line 4Q11 product revenue and EPS; ~1-3% higher FY12 revenue/EPS guidance vs. consensus. MITI acquisition could potentially provide blinatumomab sales revenue starting ~2014 (~>$1B in ALL/NHL at peak). AMGN's aggressive share buyback and increasing quarterly cash dividend ($0.36/$0.28/$0.28/sh in 1Q12/4Q11/3Q11) will likely attract new investors.

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 $68.08 yesterday.

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