Amgen initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Amgen with an Overweight rating and $405 price target. The firm views Amgen’s obesity asset, MariTide, as significant opportunity and is “convinced” the company’s presence in obesity “is here to stay.” The obesity franchise could be a $15B-$30B revenue opportunity ad success in Phase 2 “would de-risk a franchise that could dramatically change Amgen’s growth outlook,” the analyst tells investors in a research note. Cantor believes the obesity program alone could solve Amgen’s return to growth. Even when striping obesity out of the model, Cantor still has Amgen’s revenue growing as its new product portfolio can drive growth through the end of the decade, the firm contends.