Piper Sandler raised the firm’s price target on Amgen (AMGN) to $342 from $328 and keeps an Overweight rating on the shares following quarterly results. With continued strong execution across the commercial portfolio, Amgen remains well-positioned to transcend its denosumab loss of exclusivity, the firm says. That dynamic coupled with continued pipeline advancement points to a strong case for multiple expansion from an EV/2026E EBITDA of about 13-times.
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