Robert Baird Cuts Amgen to “Neutral”; Recent Rally Overdone? (AMGN)

By
A A A
Share |

Biotech giant Amgen, Inc. ( AMGN ) on Wednesday caught a big downgrade from analysts at Robert W. Baird.

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 $83.94.

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 near/intermediate term."

Amgen shares were mostly flat in premarket trading Wednesday.

The Bottom Line
Shares of Amgen ( AMGN ) 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. ( 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 .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Created by Dividend.com


This article appears in: Investing , Stocks

Referenced Stocks: AMGN

Dividend.com

Dividend.com

More from Dividend.com:

Related Videos

Cheap Ways to Sleep Better
Cheap Ways to Sleep Better          

Stocks

Referenced

Most Active by Volume

80,749,713
  • $16.193 ▲ 0.20%
27,535,339
  • $101.05 ▲ 0.47%
18,271,396
  • $60.32 ▲ 8.27%
15,358,975
  • $99.14 ▲ 0.24%
14,970,524
  • $10.12 ▲ 3.90%
14,041,300
  • $74.5501 ▼ 0.03%
13,651,108
  • $51.015 ▼ 0.11%
11,873,277
  • $17.18 ▼ 3.10%
As of 8/22/2014, 01:28 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com