Company

Bank

Analyst

Coverage

Opinion

Wk chg

4/26 cls

Amgen Inc. (NASDAQ:AMGN)

Piper Jaffray

Ian Somaiya

Downgrade

Neutral (from overweight)

-3%

$108.38

Somaiya downgraded based on valuation, as Amgen shares have exceeded his $107 target. Additionally, although the company beat EPS expectations with its 1Q13 earnings last week, it missed on revenues. Somaiya noted that nearly all of Amgen's major products failed to reach forecast and that reiterated 2013 revenue guidance of $17.8-$18.2B provides limited upside (see "EPS Watch," A19). Amgen reported 1Q13 adjusted diluted EPS of $1.96, beating by $0.12 the Street's estimate of $1.84 and up from $1.61 in 1Q12. However, first quarter revenues of $4.2B missed the Street's estimate of $4.4B.