Amgen initiated with a Hold at Canaccord

Canaccord last night initiated coverage of Amgen (AMGN) with a Hold rating and $366 price target Amgen has executed well on its key growth drivers, but this is reflected in the stock’s good performance since last October, the analyst tells investors in a research note. The firm believes Amgen’s current valuation is appropriate. Meaningful appreciation from here “could be more challenging” due to some loss of exclusivities and pricing pressure across several of its large mature products, contends Canaccord.