BofA raised the firm’s price target on Amgen (AMGN) to $304 from $272 and keeps an Underperform rating on the shares as the firm shifts to discounted cash flow-based valuation from a multiple on forward EPS. Amgen continues to execute well commercially and the firm believes key legacy brands will continue to perform well, but it cites several key products facing new headwinds, potential for spending on MariTide and Amgen’s “meaningful” 10-year loss of exclusivity exposure for its Underperform rating.
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