Credit Suisse analyst Evan Seigerman initiated Amgen with an Outperform rating and a price target of $208, saying the stock is "attractive" relative to its peers because of its "underappreciated" biosimilars assets that may offset the expected revenue decline in its core business. The analyst is also positive on Amgen's promising pipeline that includes oncology and immunology assets along with its discounted valuation, noting that the stock is currently trading at 12.1-times expected forward earnings vs. 17.7-times for the S&P500 and 14.4-times or more for its major pharma peers.