At below $70, Amgen (AMGN) trades back where it was in July, 2003, and well below its and well below its September 2005 high of $85.
An antitrust claim that was an investor concern lost some stream in court recently. As a consequence Citi reiterated its “buy” rating on the stock with a $100 price target.
Amgen has also picked up the pace in the earnings area. Third quarter earnings were ahead of Wall St. expectations at $1.04 a share Analysts expected $.98. On the news Morgan Stanley raised its price target to $74 and commented: “We suspect short-term momentum will be to the upside, as expectations were low coming into the quarter, overall market sentiment remains positive, and estimates are increasing,” according to Forbes.com.
According to Morningstar, Amgen’s cash flow was 32% of sales last year.
Not bad for a beaten down stock.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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