It seems that the thoughts of 24/7 Wall St. aren’t alone in the opinion of Amgen’s (NASDAQ:AMGN) future. In this morning’s issue of Business Week’s "Inside Wall Street" segment, George Putnam of "The Turnaround Letter" gave an endorsement to Amgen….. "This is a great opportunity to buy into one of the premier names in a key industry." His target is $64.00 over the next 12-months.
If you are an avid reader of 24/7 and this sounds familiar there is a reason. Last month we wrote an "IF….THEN" scenario that was starting to shape up. We even compared it to the past issues of Biogen-Idec (NASDAQ:BIIB). Even though the circumstances were different, the pattern and theoretical recovery and reasoning behind each actually seem quite similar. Hence the commentary: But based on how Biogen acted, Amgen could its shares rise between now and the end of March 2008 to as high as an estimated range of $61.50 to $65.00 if the trajectory and momentum heads back in it in the same manner. Shortly thereafter the "IF…..THEN" started to come to fruition. Shares traded over $55.00 on that bit. Amgen shares closed at $57.83 today.
This $64.00 price target of Business Week and our own $61.50 to $65.00 targeted range may only be one or two solid headlines away.
Jon C. Ogg
October 12, 2007
Jon Ogg can be reached at firstname.lastname@example.org; he produces the Special Situation Investing Newsletter and he does not own securities in the companies he covers.