Goldman Sachs lowered the firm's price target on Amgen to $389 from $425 and keeps a Buy rating on the shares. The firm is adjusting its model as the company has disclosed on its Q1 earnings that the IRS audit for 2016 to 2018 has now escalated into a formal dispute, with Amgen also receiving a notice of proposed adjustment indicating that the IRS is seeking adjustments consistent with prior cases, the analyst tells investors in a research note.
