Oppenheimer maintains Outperform rating on Amgen, $480 price target

Oppenheimer maintained their Outperform rating on Amgen's stock with a price target of $480.00.

The price target implies an upside of 7.3% from the Oct 22 close of $447.28.

Key takeaways from the analyst note

Strong Pipeline and Revenue Growth: Amgen is expected to achieve long-term revenue growth driven by its robust R&D pipeline, which is poised to compensate for the decline of mature products. The anticipated launch of new innovative therapies, particularly in oncology and rare diseases, will enhance Amgen's market position and financial performance.

Financial Discipline and Dividend Support: The company has a proven track record of financial discipline, which is expected to lead to operating margin expansion. Additionally, Amgen offers a dividend yield of approximately 3%, providing valuation support and making it an attractive investment for shareholders seeking income alongside growth potential.

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