BMO Capital analyst Do Kim initiated Amgen with an Outperform and $228 price target. Kim views shares are undervalued, and said concerns over the declining legacy franchises have overshadowed the emergent early lifecycle commercial drugs and promising late- and early-stage pipeline. The analyst views Amgen as a core biotech holding, as a stable dividend and aggressive stock buybacks provide a defensive investment, with meaningful pipeline opportunities for long-term growth.
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