Amgen initiated with "buy"

12/16/05 - Banc of America

NEW YORK, December 16 (newratings.com) - Analyst David Witzke of Banc of America Securities initiates coverage of Amgen Inc (AMGN) with a "buy" rating. The target price is set to $87.

In a research note published this morning, the analyst mentions that the performance of Amgen's core business remains robust, driven by the company's Aranesp, Neulasta and Enbrel drugs. The analyst estimates double-digit sales growth for these three drugs through 2010. Competition from Roche's CERA would not adversely affect Amgen's EPS growth going forward, Banc of America Securities believes.