UPDATE: Piper Jaffray Initiates On Amgen On Series Of Bold Steps

In a report published Tuesday, Piper Jaffray analyst Joshua Schimmer resumed coverage on Amgen Inc. (NASDAQ: AMGN) with an Overweight rating and a price target of $143.00.

In the report, Piper Jaffrays says "We are resuming coverage of AMGN with an Overweight rating and $143 PT (representing 25% upside from current levels). The company has steadily built its late stage pipeline both organically and with M&A, and now has arguably the most underappreciated late-stage pipeline among large-cap biotechs. We estimate new products (excluding the ONXX acquisition) could deliver north of $6B in revenue towards the end of the decade, more than offsetting any damage that may be sustained at the hands of biosimilars. 2014 will be a year featuring multiple clinical data read-outs that position AMGN to re-accelerate its EPS CAGR. While there are risks that will need to be negotiated, the "new" (not so new anymore) management has proven itself ready to take bold steps to drive shareholder value and we believe this trend will continue."

Amgen closed on Tuesday at $113.67.