As previously reported, Wells Fargo upgraded Amgen (AMGN) to Overweight from Equal Weight with a price target of $265, down from $275. The firm thinks the pessimism related to Amgen post Horizon Therapeutics (HZNP) deal has caused weakness, and now sees the stock trading 7%-8% below the worst case scenario. Amgen’s marketing strength makes worst case less likely.
Published first on TheFly
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