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Fly News Breaks for January 31, 2020
AMGN
Jan 31, 2020 | 09:17 EDT
Morgan Stanley analyst Matthew Harrison said he would expect some pressure on Amgen shares after the company's 2020 revenue guidance was 1% below at the mid-point and its EPS guidance missed consensus by 6%. However, he believes management is being conservative "across the board with costs" and he also points to "many major pipeline readouts" as key drivers in 2020. Harrison, who continues to see Amgen being well positioned for strong performance in 2020, keeps an Overweight rating on the stock with an unchanged $277 price target.