7/102 sources · 2 publishersUpdated Nov 6, 23:59 UTC
Freedom Broker downgrades Amgen to Hold while raising price target to $470
Freedom Broker changed its rating on Amgen Inc. (AMGN) from Buy to Hold and increased its price target from $450 to $470. The downgrade follows Amgen's strong third‑quarter results, which showed revenue of $10.4 billion, an 8% year‑over‑year increase, and adjusted earnings per share of $6.45, a 14% rise. The broker cited the stock’s recent 44% year‑to‑date gain and proximity to its 52‑week high as reasons to temper the rating despite the upbeat outlook.
Why it matters
The rating shift to Hold may temper investor enthusiasm even as the higher target suggests upside; analysts see the stock as near fair value after a strong earnings beat.
Key facts
- 1Freedom Broker downgraded Amgen to Hold from Buy. investing.com
- 2The broker raised its price target to $470 from $450. investing.com
- 3Amgen reported third‑quarter revenue of $10.4 billion, an 8% increase year‑over‑year. investing.com
- 4Adjusted earnings per share were $6.45, a 14% rise versus consensus. investing.com
- 5Shares were up 44% year‑to‑date. investing.com
- 6The new $470 target implies a 2.1% upside from the Nov 6 close of $460.42. tradingview.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.