Wells Fargo analyst Mohit Bansal maintained a Hold rating on Amgen (AMGN – Research Report) yesterday and set a price target of $280.00.
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Mohit Bansal has given his Hold rating due to a combination of factors concerning Amgen’s financial performance and growth prospects. While Amgen’s top-line projects to be slightly ahead, the EPS guidance at the mid-point falls short of expectations. The company’s growth is significantly driven by innovative products like Repatha, Evenity, and Tezspire, with Repatha benefiting notably from Part D redesign. These products contribute to a high-quality guide, but the reliance on these factors introduces some uncertainty.
However, the fourth-quarter performance was influenced by products like Enbrel and Amjevita, which show seasonal variability and are considered a lower quality upside. Despite an optimistic outlook on biosimilars, which have shown substantial year-over-year growth, caution remains around the sustainability of this growth. The anticipated presentation of Maritide data and its impact on next-generation products also plays into the hold rating, as investors await confirmation of efficacy results to be more comfortable with future prospects.
In another report released today, Morgan Stanley also maintained a Hold rating on the stock with a $328.00 price target.