Amgen upgraded to Buy from Hold at Freedom Broker

Freedom Broker upgraded Amgen (AMGN) to Buy from Hold with an unchanged price target of $375. Amgen’s Q1 results were “fully in line with our expectations, although the quarter is seasonally weak,” so the firm sees it as “still too early to draw firm conclusions about the earnings trajectory for the full year” with key growth drivers remaining intact, the analyst tells investors. Following the stock’s correction in Q1 and the resilient performance of the innovative portfolio, which is offsetting weakness in mature products, the firm upgrades shares.