September 08, 2011 at 08:39 AM EDT
Amgen Started as an “Outperform” at BMO Capital; Valuation Call (AMGN)

Biotech giant Amgen, Inc. (AMGN) on Thursday saw its coverage initiated with an “Outperform” rating by analysts at BMO Capital.

The firm also set a $67 price target on AMGN shares, which suggests a 21% upside to the stock’s Wednesday closing price of $55.38.

BMO Capital noted AMGN shares look cheap at the moment, since they’re trading at less than 10x expected 2012 earnings.

Amgen shares were unchanged in premarket trading Thursday.

The Bottom Line
Shares of Amgen (AMGN) have a 2.02% dividend yield, based on last night’s closing stock price of $55.38. The stock has technical support in the $51-$53 price area. If the shares can firm up, we see overhead resistance around the $58 price level.

Amgen, Inc. (AMGN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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