BMO Capital analyst M. Ian Somaiya reiterated an Outperform rating and raised his price target on Amgen (NASDAQ: AMGN) to $190.00 (from $186.00) following top and bottom line beat in Q2.

Somaiya commented, "We are raising our price target on the AMGN shares to $190 from $186 following 2Q16 results that were ahead of our and Street expectations as Amgen displayed operating leverage and an ability to defend its legacy business. However, we believe investor focus has shifted to Amgen’s pipeline, with potential for significant upside dependent on two upcoming Repatha data readouts (GLAGOV in 2H16 and FOURIER in 1Q17) as well as the Kyprolis CLARION front line myeloma trial (now 2H16). We see additional potential upside from erenumab (AMG334), which we estimate could add $9 to our DCF assuming a 2018 launch in both the chronic and acute migraine settings."

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Shares of Amgen closed at $170.68 yesterday.