Amgen upgraded to Outperform from Market Perform at BMO Capital

BMO Capital analyst Evan Seigerman upgraded Amgen (AMGN) to Outperform from Market Perform with a price target of $326, up from $286. The firm says Amgen’s “budding” oral and injectable metabolic pipeline gives investors the opportunity to play in the obesity metabolic space without the same premium as peers like Eli Lilly (LLY) and argues that the closure of its Horizon deal takes a “meaningful step” towards replacing revenues lost to base business erosion. In addition, a rich catalyst path into 2024 for its pipeline could drive additional multiple expansion for Amgen, the analyst tells investors.