Amgen price target lowered to $427 from $432 at Piper Sandler

Piper Sandler lowered the firm’s price target on Amgen (AMGN) to $427 from $432 and keeps an Overweight rating on the shares. Looking at the business from a high level, the firm continues to envision top-line upside versus consensus not only for 2026 but also for 2027. That’s less a function of strength from the key workhorses of the commercial portfolio, and more a function of the continued strength from the rare disease segment, particularly Uplizna. Beyond that, Piper could also foresee Tepezza as a more attractive growth driver on the back of what was strong Phase III data for the subcutaneous formulation.