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Investing.com - BofA Securities has raised its price target on Amgen (NASDAQ:AMGN), a $164 billion biotechnology giant with a solid financial health score of "GOOD" according to InvestingPro, to $261.00 from $252.00 while maintaining an Underperform rating on the stock.
The investment firm cited positive foreign exchange adjustments and script trends for certain key products as factors behind its revised outlook for the biotechnology company, which has demonstrated strong revenue growth of 15.6% over the last twelve months and maintains a 3.11% dividend yield.
BofA’s revenue and underlying EPS estimates for the second quarter are modestly higher, up 3% and 5% respectively, according to the research note.
For 2025 and 2026, the firm has increased its total revenue estimates by 2-3% while raising EPS projections by 2-4%, which includes expectations for higher R&D expenses in the second half of 2025.
BofA also adjusted its longer-term outlook, raising both revenue and EPS estimates for the later 2020s by 3-4% and 2-4% respectively, following modest changes across product forecasts.
In other recent news, Amgen has been the subject of several analyst updates and corporate developments. UBS raised its price target for Amgen to $326, anticipating a small earnings beat for the second quarter of 2025, driven by strong growth in products like Repatha and Evenity. Similarly, Citi increased its price target to $305, pointing to the Horizon portfolio’s 6% year-over-year growth as a positive factor. However, BMO Capital lowered its price target to $335, citing concerns over a "mixed MariTide readout" at a recent conference. Piper Sandler maintained an Overweight rating with a $328 price target, following successful clinical trial results for Amgen’s cancer drug bemarituzumab. In a related development, Dr. Jyothis George, formerly of Amgen, has been appointed as Chief Medical (TASE:BLWV) Officer at NodThera. These updates highlight Amgen’s ongoing developments and the varied perspectives of financial analysts.
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