Amgen upgraded at Wells Fargo citing a post-Horizon deal opportunity
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Amgen (NASDAQ:AMGN) traded higher Monday morning after Wells Fargo upgraded it to Overweight from Equal Weight citing an opportunity following the company's ~$28B deal to acquire rare disease drugmaker Horizon Therapeutics (HZNP).
"While we are not big fans of the HZNP deal and the price at which it was done, we note that it is in the rear-view mirror now," the analyst Mohit Bansal and the team wrote, adding that concerns on the acquisition have caused weakness. 

Assuming no U.S. sales growth for Horizon's (HZNP) thyroid eye disease therapy Tepezza, and modest growth for the company's other divisions, the analysts see $247 future value for Amgen (AMGN).
The team noted that "the stock is trading below this level," adding, "AMGN's marketing strength makes worst case less likely."
However, Wells Fargo lowered the Amgen (AMGN) price target to $265 from $275 based on DCF valuation.
Read: Seeking Alpha contributor Edmund Ingham upgraded Amgen (AMGN) to Buy from Hold after the company's FY22 results.