BofA raises Amgen stock price target on growth franchise execution

BofA raises Amgen stock price target on growth franchise execution

Gold off session lows as US-Iran conflict boosts safe-haven demand Investing.com - BofA Securities raised its price target on Amgen Inc. (NASDAQ:AMGN) to $312 from $307 while maintaining a Neutral rating on the stock. The biotech giant currently trades at $363.39, well above the analyst’s target, with a market capitalization of $196.12 billion. The firm models total revenues of $9.38 billion for the second quarter, representing a 2% year-over-year increase, compared to consensus estimates of $9.42 billion.

Non-GAAP earnings per share are projected at $5.58, down 7% year-over-year, versus consensus of $5.60. Despite the modest near-term outlook, an InvestingPro tip highlights that Amgen is trading at a low P/E ratio relative to near-term earnings growth, with a PEG ratio of 0.8. The stock appears undervalued according to InvestingPro’s Fair Value analysis.

BofA expects continued execution across Amgen’s key growth franchises, including Repatha, Uplizna, Imdelltra, and the broader rare disease portfolio, following a strong first quarter. The firm views 2026 as a year largely focused on execution ahead of key pipeline readouts in 2027, including MariTide and olpasiran. BofA reiterated its Underperform rating alongside the price target increase.

For investors seeking deeper insights, InvestingPro offers 8 additional exclusive tips for Amgen, along with comprehensive financial health scores and detailed Pro Research Reports covering over 1,400 US equities. In other recent news, Amgen Inc. has been actively engaging with various developments. The company has tapped the Duke Clinical Research Institute to reevaluate data for Tavneos, a rare disease drug facing scrutiny from U.S. regulators over data manipulation concerns.

This follows the retraction of a pivotal clinical trial publication by the New England