Markets & Finance

UBS Financial Upgrades Amgen

UBS Financial upgrades biotech company Amgen (AMGN) to buy from neutral.

Analyst David Molowa says he thinks investors have viewed Amgen as a decelerating growth company fraught with risks, even as growth exceeded expectations.

He believes the shift in investor focus from threats to opportunities for future growth will result in revaluation of shares, similarly to other diversified health care companies. He sees a plethora of growth opportunities.

Molowa says Medicare reimbursement changes should have minimal impact in 2006. He raises his $2.90 2005 earnings per share estimate to $2.91, and his $3.32 2006 earnings per share to $3.36. He raises his $63 price target to $80.

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