Amgen upgraded to Outperform from Market Perform at Leerink

Leerink upgraded Amgen to Outperform from Market Perform with a price target of $318, up from $267. The analyst notes that the upgrade is both a multiple-expansion and earnings-upside call. Leerink expects the P/E multiple to expand due to accelerating pipeline newsflow – including in oncology, obesity, and cardiovascular disease – and also expects upward pressure on both near- and long-term EPS due to accretion from the acquisition of Horizon Therapeutics that closed on October 6, the analyst tells investors.