Amgen Rating Reiterated by Zacks (AMGN)

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Zacks reaffirmed their outperform rating on shares of Amgen (NASDAQ:AMGN) in a report issued on Wednesday, American Banking and Market News reports. They currently have a $143.00 target price on the stock.

Zacks’ analyst wrote, “Amgen reported first quarter 2014 earnings of $1.86 per share, 5 cents above the Zacks Consensus Estimate but 4.6% below the year-ago earnings. Total revenues increased 7% to $4,521 million in the first quarter of 2014, missing the Zacks Consensus Estimate of $4,727 million. Amgen’s first quarter results were disappointing with the company reporting a decline in earnings. Although revenues increased from the year-ago period, they were well short of expectations. Revenues also fell on a sequential basis with most products recording a sequential decline. However, we expect 2014 to be a data rich year for Amgen. We maintain our Outperform recommendation on the stock. The company carries a Zacks Rank #1 (Strong Buy).”

Shares of Amgen (NASDAQ:AMGN) opened at 113.315 on Wednesday. Amgen has a 1-year low of $94.15 and a 1-year high of $128.96. The stock has a 50-day moving average of $121.0 and a 200-day moving average of $117.6. The company has a market cap of $85.554 billion and a P/E ratio of 17.97. Amgen also was the target of some unusual options trading activity on Tuesday. Stock investors acquired 6,243 put options on the stock. This is an increase of approximately 157% compared to the average volume of 2,430 put options.

Amgen (NASDAQ:AMGN) last released its earnings data on Tuesday, April 22nd. The company reported $1.87 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.94 by $0.07. The company had revenue of $4.52 billion for the quarter, compared to the consensus estimate of $4.76 billion. During the same quarter in the prior year, the company posted $1.96 earnings per share. The company’s quarterly revenue was up 6.7% on a year-over-year basis. Analysts expect that Amgen will post $8.16 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group reiterated a buy rating on shares of Amgen in a research note on Wednesday. They now have a $142.00 price target on the stock, down previously from $145.00. Separately, analysts at Deutsche Bank raised their price target on shares of Amgen from $142.00 to $144.00 in a research note on Wednesday. They now have a buy rating on the stock. Finally, analysts at Oppenheimer raised their price target on shares of Amgen from $121.00 to $122.00 in a research note on Wednesday. They now have a market perform rating on the stock. Seven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $132.40.

Amgen Inc is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics.

To view Zacks’ full report, visit Zacks’ official website.

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