December 27, 2011 at 08:58 AM EST
Amgen’s Price Target Raised at Citigroup (AMGN)

Biotech giant Amgen, Inc. (AMGN) on Tuesday saw its price target boosted by analysts at Citigroup.

The firm said it now expects AMGN shares to reach $73, suggesting a higher 15% upside to the stock’s Friday closing price of $63.69.

A Citigroup analyst said he made the move to reflect Amgen’s recent dividend increase, share repurchase plan, and debt offering. Citi said “We reiterate our Buy rating, but over the short term we believe the stock will establish a trading range.”

Amgen shares were unchanged in premarket trading Tuesday.

The Bottom Line
Shares of Amgen (AMGN) have a 2.26% dividend yield, based on last night’s closing stock price of $63.69. The stock has technical support in the $56-$58 price area. If the shares can firm up, we see overhead resistance around the $65-$68 price levels.

Amgen, Inc. (AMGN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 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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