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UBS Warburg downgraded Amgen (AMGN
) to hold from buy.
Analyst Meirav Chovav says the downgrade was based on valuation and concerns affecting the core product portfolio. Chovav believes the $1.3 billion 2003 Street estimates for Enbrel are too high, especially with the approval of Abbott Lab's D2E7 product looming. He thinks the company's Aranesp is being reimbursed at a disadvantage to Procrit, and believes there is significant excess inventory of Neupogen.
Chovav says news that Amgen will push back its analyst meeting eliminates a potentially positive catalyst of 2003 guidance and a showcase of Amgen's pipeline. With shares approaching the $51 target, Chovav sees limited upside potential.
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