Amgen stock price target raised to $531 by TD Cowen on growth
TD Cowen raised its price target on Amgen (AMGN) to $531 from $452, citing strong Q3 2026 results and growth prospects. The stock trades near its 52-week high. Amgen's revenue and EPS guidance were increased, driven by products like Uplizna and Imdelltra. Multiple analysts revised earnings upwards, though the stock is slightly overvalued according to InvestingPro.
How this was made
The 30-second read
Why it matters
The consensus upgrade signals a bullish short‑term outlook, but after‑hours price dip hints at mixed investor sentiment.
Market read
The upgrade and earnings beat provide a fresh catalyst for AMGN, potentially driving short‑term price appreciation.
What to watch
Potential headwinds from weaker sales of Prolia and Xgeva could temper upside.
Background
Amgen reported Q3 2026 earnings that beat expectations, prompting multiple analysts to lift price targets.
Ticker impact
TD Cowen raised its price target on Amgen to $531 after the company reported a Q3 earnings beat and raised FY guidance.
likely upward pressure as the market prices in the higher target
The new $531 target reflects a 20x FY27 earnings multiple and follows strong quarterly results, indicating investors may bid the stock higher.
Market effects
Biotech sector may see modest uplift as Amgen's growth portfolio is highlighted.
U.S. large‑cap pharma stocks could benefit from the positive guidance.
Limited to investors focused on U.S. healthcare equities.
Counterpoint
The target raise may be premature if upcoming trial data disappoint, suggesting caution.
Key entities
- analystTD Cowen
Raised AMGN price target to $531.
- companyAmgen Inc.
Reported earnings beat and raised FY guidance.
