Jefferies maintains Amgen at buy

Amgen, Inc. was maintained by Jefferies & Co. Inc. analyst Adam Walsh at a buy rating with a price target of $96 after third-quarter results showed earnings per share of $0.85, $0.01 above Jefferies estimates and $0.03 above consensus. The upside was driven by stronger-than-expected sales of Enbrel and lower-than-expected operating expenses. Jefferies said it is raising 2005 estimates to $3.21 from $3.20 due to the positive third-quarter results. Shares of the Thousand Oaks, Calif.-based biopharmaceutical company were down $3.99, or 5.11%, at $74.10 on volume of 17,693,918 shares versus the three-month running average of 10,081,600 shares.

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