Amgen отримує зниження цільової ціни від Piper Sandler

What happened: On May 14, Piper Sandler reduced its price target for Amgen Inc. (NASDAQ:AMGN) to $427 from $432, despite maintaining an 'Overweight' rating. The firm cited broad market conditions as the reason for the cut. Notably, Amgen remains a top long-term pick for Louis Navellier due to its pipeline strength and sales growth. Meanwhile, PepsiCo, Inc. (NASDAQ:PEP) had its price target lowered by Piper Sandler, despite being included among the 14 best S&P 500 stocks to buy now.

Market impact: The price target reduction for Amgen, a major player in the biotechnology sector, signals a potential shift in analyst sentiment towards the sector. This could lead to a revaluation of other biotech stocks, particularly those with similar fundamentals or pipeline prospects. For PepsiCo, the cut in its price target may impact investor sentiment towards the consumer goods sector, potentially affecting other companies in the sector.

What to watch next: Investors should closely monitor Amgen's upcoming earnings release on July 27, which could provide insights into the company's pipeline progress and sales growth. Additionally, the broader market conditions, particularly any changes in interest rates or geopolitical tensions, could influence analyst sentiment towards Amgen and other biotech stocks. For PepsiCo, the company's next earnings report on July 11 will be crucial in understanding the impact of the price target cut on its stock performance.