Bull of the Day: Amgen (AMGN)
by Zacks Equity ResearchDecember 12, 2012 | Comments : 0 Recommended this article: (0)
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Amgen raised its guidance for 2012 again and now expects earnings in the range of $6.50 - $6.60 per share on revenues of $17.2 billion - $17.3 billion. Earlier, the company had guided towards earnings of $6.20 - $6.35 per share on revenues of $16.9 - $17.2 billion.
Based on the company's performance so far this year and the upbeat guidance, which should be easily achievable, we are upgrading Amgen to Outperform. Our $106 price target is based on 15.6x our 2013 earnings estimate.
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