Cantor Fitzgerald raised its price target on Amgen (NASDAQ:AMGN) to $350.00 from $315.00 on Wednesday, while leaving the stock’s analyst recommendation at Neutral.
The firm said the move followed Amgen’s fourth-quarter performance, which exceeded expectations on both the top and bottom lines. Revenue for the period came in at $9.87 billion, topping the consensus figure of $9.47 billion. Reported earnings per share were $5.29, beating the expected $4.73 by $0.56. Separately, Cantor Fitzgerald noted the company’s top-line outperformance versus consensus by $396 million and an EPS beat of $0.60 versus expectations.
Cantor Fitzgerald’s note highlighted that portions of the upside reflected lower-quality tailwinds, specifically stronger-than-expected Prolia sales and inventory builds. Despite that caveat, the analyst team pointed to sufficient strength across other franchise drivers - including Repatha and Uplizna - to justify a likely upward revision to fiscal 2026 estimates.
Management’s guidance range further informed the analyst view. Amgen forecast topline growth of 1-4%, compared with street expectations centered on 1%. The company also provided EPS guidance of $21.60 to $23.00, which Cantor Fitzgerald described as straddling the psychologically important $22 per share mark and implying a trajectory toward the mid-$22 range.
The research house said its decision to raise the price target reflected a combination of pipeline revisions, higher near-term EPS projections and moderated research and development spending.
Other sell-side responses to the quarter were similarly constructive on valuation. RBC Capital raised its Amgen price target to $360 from $335 and maintained an Outperform rating. TD Cowen increased its target to $420 from $389 and kept a Buy rating, citing Amgen’s fiscal 2026 guidance as addressing concerns about upcoming loss of exclusivity for key products.
Amgen’s quarterly results were driven by solid sales across key products, notably Prolia, Repatha, Evenity and Uplizna. Company executives also highlighted promising pipeline developments during the earnings call. Despite the favorable results and analyst target increases, Amgen’s shares fell modestly in aftermarket trading.
Notable figures from the quarter:
- Revenue: $9.87 billion (consensus $9.47 billion)
- EPS: $5.29 (consensus $4.73)
- Cantor Fitzgerald price target: raised to $350 from $315; rating Neutral
- RBC Capital price target: $360 from $335; rating Outperform
- TD Cowen price target: $420 from $389; rating Buy
The balance of stronger operational drivers and some transient tailwinds has shaped analyst expectations for fiscal 2026 and informed divergent firm-level price targets and recommendations.