Jefferies cuts Amgen to hold from buy

Amgen Inc. was downgraded to a hold from a buy rating by Jefferies & Co., Inc. analyst Adam Walsh. The price target was reduced to $76 from $96. The lowered rating is based on slowing revenue and earnings-per-share growth. Fourth-quarter 2005 earnings missed consensus by $0.01. Shares of the Thousand Oaks, Calif., biotechnology company were down 59 cents, or 0.82%, at $71.31 on volume of 21,658,156 shares versus the three-month running average of 7,584,000 shares. (Nasdaq: AMGN)

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