Amgen price target lowered to $310 from $344 at Piper Sandler

Piper Sandler lowered the firm’s price target on Amgen (AMGN) to $310 from $344 and keeps an Overweight rating on the shares following a transfer of coverage. The firm says that while Amgen’s exposure to a number of losses of exclusivity for key contributors is not lost on it, the company’s late-stage pipeline, ranging from expansion opportunities to a growing biosimilars footprint, ultimately positions Amgen for sales and EBITDA sustainability through 2030. From there, MariTide for obesity “in and of itself can drive more aggressive EBITDA growth,” the analyst tells investors in a research note. Piper believes that even a “me too” weight loss profile can translate into a sizable commercial footprint.