Shares of Amgen Recieve $69 Price Target At Baird (AMGN)

Shares of Amgen Inc. (Nasdaq: AMGN) are slightly off today at $57.30 per share, down only -$0.08. This movement proceeds analysts at Baird initiating a new price target on Amgen Inc (Nasdaq: AMGN) at $69 per share. The 52-week high on the stock is $64.76 per share.

Christopher J. Raymond was the analyst that covered the stock and noted, "While we had been hopeful for a Class 1 complete response, FDA’s Class 2 designation of Prolia’s resubmission results in only a four-month delay and modest downward revision to our 2010 Dmab revenue estimate, as we fully anticipate approval this July. With a 2010E FCF yield of ~10%, and Dmab waiting in the wings, we continue to like the risk/reward here."