RBC Capital analyst Gregory Renza lowered the firm’s price target on Amgen to $258 from $268 and keeps a Sector Perform rating on the shares. The company’s Q4 results were largely as expected, highlighting the steady execution of its commercial portfolio, the analyst tells investors in a research note. The firm added however that the focus for Amgen will be on its first half close of the Horizon Therapeutics (HZNP) acquisition. RBC also updates its model to reflect the company’s year-end updates and "several pushes and pulls on the forecast" around its revenue price/volume mix, tax rate, FY23 guidance, and the management’s path to 2030 targets.
Published first on TheFly
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