Amgen (AMGN) PT Raised to $280 at Jefferies

Jefferies analyst Michael Yee raised the price target on Amgen (NASDAQ: AMGN) to $280.00 (from $266.00) while maintaining a Buy rating.

The analyst commented, "Much can happen in a decade, but we built a calculator model to back into assumptions for 2030 (Ex 1). The calculator shows $12B of 'Big 3 LOE' revs down ~75% to $3-4B, thus a need to find ~$8B of replacement revs for 2030. Guided MSD growth implies $6-9B more of new revs to grow above LOE to get to $35B guidance. This implies ~$15B of total revs coming by 2030. We can get to ~$10B, but guidance implies another $5-6B+ of pipeline to hit the co's target."

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