Amgen price target raised to $325 from $315 at BofA

BofA raised the firm’s price target on Amgen (AMGN) to $325 from $315 and keeps a Neutral rating on the shares. Amgen reported “solid” Q1 results on the top and bottom lines, raised 2024 revenue guidance “modestly” and kept its EPS guidance midpoint the same, the analyst noted. However, the focus of the quarter was on obesity portfolio and management’s bullish commentary on AMG133 phase 2 interim analysis “came as a positive surprise,” the analyst added. With a high bar on efficacy and tolerability set by Eli Lilly (LLY) and Novo (NVO), and given Amgen’s “lackluster phase 1 results,” many questions remain unanswered and “there appears to be an increasing risk of an outcome that comes in below investor expectations later this year,” the analyst tells investors.