BofA raised the firm’s price target on Amgen (AMGN) to $272 from $261 and keeps an Underperform rating on the shares after the company beat consensus on Q2 revenue and EPS. Despite the “decent set of results overall” and the company having raised its FY25 revenue and EPS guidance, shares were down 5%, which the firm sees as “probably” due to R&D spending that continues to gap higher, due to obesity, calling into question 2026-plus margins and EPS. The firm continues to “wonder whether consensus R&D spend is being modeled accurately,” the analyst added.
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