Jefferies lowered the firm’s price target on Amgen (AMGN) to $275 from $325 and keeps a Buy rating on the shares. The firm is adjusting its target to reflect lower estimates on Enbrel and Otezla, the FTC delay of Horizon Therapeutics (HZNP) deal, less visibility on Tepezza growth in 2024, and “more conservatism” on the base business, the analyst tells investors. Amgen “has had a tough year” due to FTC delay, but the firm thinks “the stock will recover when the deal closes” by year-end 2023, the analyst added.
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