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Stocks•4 May 2026•

1 min read

Guggenheim Trims Amgen Price Target to $340 Citing Valuation Concerns

Key Facts

1Guggenheim reduced its price target for Amgen to $340 from $351 while maintaining a Neutral rating.

2The adjustment came despite Amgen exceeding expectations in its first-quarter 2026 earnings.

Guggenheim has lowered its price target for Amgen (AMGN) to $340 from $351, while maintaining a Neutral rating on the stock. This adjustment follows the company's first-quarter 2026 earnings report, which exceeded market expectations. The financial firm cited revised discounted cash flow estimates and concerns over the current valuation as primary reasons for the cut. Analysts also highlighted potential competitive pressures facing Amgen's drug, MariTide, in the evolving market landscape. Guggenheim noted that there is limited upside potential at the current stock valuation despite the recent earnings beat. This move signals a cautious stance on the biotechnology giant's long-term growth trajectory relative to its share price.

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