Biotech giant Amgen, Inc. (
) on Wednesday caught a big downgrade from analysts at Robert W.
The firm cut its rating on AMGN from "Outperform" to "Neutral"
while lowering its price target from $84 to $83. That new target
suggests zero upside to the stock's Tuesday closing price of
A Robert Baird analyst commented, "We agree AMGN's defensive
nature, increased dividend and strong cash flow remain
considerations for large-cap managers making cross-sector choices.
However, from our vantage point, given the stock's +75% move since
August 2011, this story appears to have largely played out for the
Amgen shares were mostly flat in premarket trading
The Bottom Line
Shares of Amgen (
) have a 1.72% dividend yield, based on last night's closing stock
price of $83.94. The stock has technical support in the $76-$80
price area. The shares are trading at all-time highs.
Amgen, Inc. (
) 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
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