As of the October 27, 2026 close of $447.95, AMGN added 0.74% on 1.73 million shares, only 0.66x its 20-day average of 2.61 million and 0.60x its 60-day average of 2.91 million, and now sits 0.67% below the October 22 52-week high of $450.98, so the October 22 breakout remains a retest that has not been confirmed by volume. The macro tape improved modestly: the fell 4.73% to 17.52 from 18.39 while the 10-year Treasury edged up to 4.993% from 4.986%, with the S&P 500 (+0.60%) and Nasdaq (+1.18%) leading and the Dow (+0.03%) roughly flat, keeping the Neutral regime near its constructive end but leaving a 10-year yield pinned at 5% as a cap on multiple expansion for long-duration pharma cash flows. The technical structure remains constructive: price is 5.68% above the $423.86 , 7.98% above the $414.84 and 19.74% above the $374.11 , with the 10.89% above a rising in intact golden-cross alignment; advanced to 9.98 versus a 7.46 signal line, but the histogram narrowed for a fifth straight session to 2.52 from 3.22 on October 22, climbed to 64.57 from 63.17 without reaching 70, and improved to 68.93 million yet remains roughly 7.5% below its September 29 peak of 74.52 million while price is 5.74% above that day's $423.64 close, so volume still lags price. Fundamentals remain a high-quality, low-growth package: 71.89% gross margin, 35.55% operating margin, 45.33% margin and $8.65 billion of free cash flow against about 9.5% Q2 2026 revenue growth that is partly consumed by Prolia -32% to $759 million and Xgeva -34% to $352 million on biosimilars. Valuation is the binding constraint: 27.82x trailing and 18.29x forward earnings on $24.49175 of next-year consensus versus $23.03434 for the current year implies only about 6.33% growth, for a 2.65 and 16.43x . The $397.32 mean target now sits 11.30% below spot and the $405 median 9.59% below it, while the $500 high is only 11.62% above and the $225 low is 49.77% below, an unusually wide band that captures genuine disagreement about whether dazodalibep, MariTide and the I&I pipeline can replace legacy cash flows. Estimate revisions remain split by horizon, with next-year 4.46% above its 90-day-ago level and seven upward versus one downward revision in 30 days, while current-quarter and current-year numbers drifted slightly lower with three down versus two up in the last seven days and the Buy count slipping from 10 to 8 as Sell ratings rose from 2 to 3 over two months. News flow is still constructive around the September 22 OASIZ 301 win for dazodalibep in systemic Sjogren's, $3.5 billion of Q2 free cash flow, Oppenheimer's October 23 raise to $480 from $450 and Barclays' October 21 raise to $400 from $380, but full efficacy and safety detail are withheld, OASIZ 303 is still pending in Q4 2026, and Roche's enicepatide (15.5% average weight loss at 24 mg) raises the competitive bar for MariTide. The binding near-term constraint is the November 3 Q3 report, now just 6 calendar days away, with at 2.34% of price implying a $10-$11 daily range and realistic overnight gap risk above $20. The HOLD reflects an intact uptrend, a durable franchise and improving cash generation balanced against an extended growth-adjusted multiple, a price 11.3% above the mean analyst target, unconfirmed volume and binary event risk no price-based stop can contain; the key levels to monitor are $439.28 and $437.19 into the print, then $432.49 and the $424.74/$423.86 shelf.
投资判断
实时价格
$447.95
推荐分数
57%
57%
置信度
60%
60%
各期限展望
1个月
持有
短线
6个月
持有
中期
1年
持有
长期
核心催化
The November 3 Q3 earnings report, now 6 calendar days away, is the dominant near-term market mover: with at 2.34% of price and 27.94% realized volatility, a single-session gap can plausibly exceed $20 and bypass any price-based stop. The September 22 OASIZ 301 win for dazodalibep remains the most consequential company-specific item because it de-risks a late-stage asset in an indication with no approved US therapy, but withheld efficacy detail and the pending OASIZ 303 readout leave its commercial value unquantified.
稳定性分类Balanced Growth组合角色Core Growth回撤风险High风险画像ModerateLarge-Cap PharmaBreakout at 52-Week HighAutoimmune Pipeline OptionalityLegacy Product ErosionElevated Net DebtEarnings Event Risk
决策工作台
价格地图
60日设置
价格轨道
$447.95
止损
当前
$414
$438
$463
$487
止损位
$421.00
买入
$433.00 - $442.00
止盈
$465.00 - $480.00
风险/回报
2.1x
有吸引力
到止损下行
-6.0%
到止盈上行
+7.2%
仓位提示
Limit exposure to roughly 50% of normal size into the November 3 report and the undated Q4 OASIZ 303 readout, or wait for post-event confirmation. at 17.52 is mid-band Neutral and the $1.11 billion 20-day average dollar volume allows full-size execution, but 27.94% realized volatility, 2.34% , a price 0.67% below the 52-week high yet 11.30% above the mean analyst target, a fifth consecutive session of narrowing histogram, and October 27 volume at only 0.66x the 20-day average all argue against chasing into the print; avoid leverage.
投资逻辑快照
什么情况涨
The strongest case for owning Amgen is that a durable, high-margin, cash-generative franchise is simultaneously producing credible replacement growth, de-risking its late-stage pipeline, and still sitting in an intact uptrend above every major moving average. Q2 revenue rose about 9.5% with operating cash flow of $12.48 billion, free cash flow of $8.65 billion and a 3.57% FCF yield, four growth products advanced strongly, all six supplied quarters beat consensus by an average of roughly 12.3%, and dazodalibep cleared OASIZ 301 in an indication with no approved US therapy. Next-year estimates are 4.46% above their level 90 days ago with seven upward versus one downward revision in the last 30 days, Oppenheimer raised its target to $480 on October 23, and price is 19.74% above a rising with still advancing to 9.98. The October 26-27 sessions added $8.69 versus the October 23 close, lifting the stock to $447.95, within 0.67% of the $450.98 high and closing near the session top, and the prior $432-$442 entry zone is now below spot, so the setup has shifted from buying the retest to waiting for a second retest or paying up post-earnings; a decisive close above $450.98 on heavier than average volume would validate a run at the $465-$480 exit zone, aided by a that eased 4.73% to 17.52 and a 10-year yield that stalled at 4.993%.
什么情况跌
The strongest argument against owning Amgen here is that the market has now paid for flawless execution and then some. At 18.29x forward earnings against only about 6.33% consensus next-year growth ( 2.65, or roughly 2.89x on forward divided by growth) and of 16.43x, the stock closed 11.30% above the $397.32 mean analyst target while Prolia falls 32% and Xgeva 34% on biosimilars, Enbrel faces Medicare Part D price setting, and $43.31 billion of net debt against 490.28% debt-to-equity limits flexibility. Third-party work cited in the news flow puts a multiples-based fair value near $359.98, roughly 19.6% below spot, the Buy count has slipped from 10 to 8 and Sell ratings from 2 to 3 over two months, and three of the last five target actions were cuts. The October 27 advance is unconvincing: volume of 1.73 million was only 0.66x the 20-day average, the close of $447.95 remained $3.03 below the $450.98 high, the histogram narrowed for a fifth straight session to 2.52, and at 68.93 million is still roughly 7.5% below its September 29 peak even though price is 5.74% above that day's close. With at 64.57 and earnings 6 days out, the short thesis is that legacy erosion outpaces replacement growth, that the September pipeline win is fully capitalized, and that a soft Prolia guide on November 3 forces estimate cuts and multiple compression; short interest at 2.60% of float with a 4.45 short ratio is not crowded, so there is limited forced-covering support if the print disappoints.
A daily close below $437.19 (the October 22 low) would flag the new-high breakout as a failed move, and confirmation below the $424.74 October 19 low and the $423.86 would break the higher-low sequence and require exit or full reassessment; on the fundamental side, the equivalent signal would be a November 3 guide-down on Prolia or deceleration of the growth-driver cohort below roughly 20% combined.
Legacy erosion: Q2 Prolia fell 32% to $759 million and Xgeva 34% to $352 million on biosimilars from Prolia's $4.41 billion 2025 base, with management guiding a faster 2026 decline; if replacement products decelerate, the approximately 6.33% consensus next-year growth is at risk.
Valuation and target compression: 18.29x forward earnings and a 2.65 against about 6.33% growth, with the $397.32 mean target 11.30% below the $447.95 close, the $405 median 9.59% below, and three target cuts in the last two weeks (BMO to $415 from $450, Guggenheim to $378 from $388, Wells Fargo to $430 from $435).
Balance sheet and rate sensitivity: $43.31 billion of net debt (17.89% of market cap), 490.28% debt-to-equity, cash covering only 0.24x debt and operating cash flow 0.22x, with the 10-year at 4.993% still roughly 272 basis points above the 2.27% dividend yield.
Clinical and competitive risk: full OASIZ 301 efficacy and safety data are undisclosed, OASIZ 303 is required in Q4 2026 with no date, Novartis' ianalumab competes in Sjogren's, and Roche's enicepatide (15.5% weight loss at the top dose with about 2% discontinuation) raises the bar for MariTide in obesity.
Event and trading risk: Q3 earnings on November 3 is 6 days away, 20-day realized volatility is 27.94% and is 2.34% of price, so an overnight gap can exceed the $421 stop; the October 27 0.74% gain also came on only 0.66x average volume with still 7.5% below its September peak, meaning the breakout remains unconfirmed and depends on a volume-backed follow-through that has not yet appeared.
接下来关注
下一次财报：2026年11月3日
The November 3 Q3 earnings report, now 6 calendar days away, is the dominant near-term market mover: with at 2.34% of price and 27.94% realized volatility, a single-session gap can plausibly exceed $20 and bypass any price-based stop. The September 22 OASIZ 301 win for dazodalibep remains the most consequential company-specific item because it de-risks a late-stage asset in an indication with no approved US therapy, but withheld efficacy detail and the pending OASIZ 303 readout leave its commercial value unquantified.
信号仪表盘
决策输入
6 个信号
基本面
-11.3%
距分析师均值目标空间
At $447.95, AMGN trades at 27.82x trailing and 18.29x forward earnings on $24.49175 of next-year consensus versus $23.03434 for the current year, implying only about 6.33% growth; dividing that 18.29x forward multiple by the 6.33% growth rate yields roughly 2.89x, and the supplied of 2.65 is well above a 1.5x growth benchmark either way. is 16.43x, price-to-sales is 6.36x against 9.5% revenue growth, price-to-book is 20.72x and enterprise value of $283.70 billion is 1.17x the $242.18 billion market capitalization. The 3.57% free-cash-flow yield is genuine support but remains 142 basis points below the 4.993% 10-year Treasury yield, so it does not compensate for equity risk on its own. The $397.32 mean target implies 11.30% downside and the $405 median implies 9.59% downside, while the $500 high is only 11.62% above spot and the $225 low is 49.77% below, a spread that captures real disagreement over whether the pipeline can replace Prolia, Xgeva and Enbrel cash flows. No peer or historical multiple series is supplied, so relative cheapness cannot be established; on absolute growth-adjusted terms the stock screens expensive even after trading within 0.67% of its 52-week high.
技术面
Bullish
趋势质量
At $447.95, price is 5.68% above the $423.86 , 7.98% above the $414.84 and 19.74% above the $374.11 . The sits 10.89% above a rising , an established golden-cross alignment rather than one still forming, so the primary uptrend is intact. The short-term issue remains the October 22 breakout candle: the stock printed a 52-week high of $450.98 and closed at $447.28 above the prior $447.03 high, then on October 23 opened at $444.40, failed at $444.59 and closed at $439.26 near the session low. October 26 and 27 partially repaired that, with a 1.22% advance to $444.63 and then a 0.74% advance to $447.95 that closed within $0.60 of the session high of $448.55, but the close is still $3.03 below the $450.98 high, so the breakout remains in retest rather than confirmed extension. The higher-low sequence off the September 15 low of $375.15 remains intact while $437.19 and $424.74 hold.
财报
6天
Steady
Q2 2026 of $6.29 beat the $5.6176 consensus by 11.97% on revenue of about $10.1 billion (+9.5% year over year) with roughly $3.5 billion of quarterly free cash flow; the immediate post-report price reaction is not contained in the bundle, and the widely cited roughly 4% single-day gain in the news flow is attributed to the September 22 OASIZ 301 announcement rather than to earnings. The Q3 2026 report is scheduled for November 3, only 6 calendar days after this run, so the last reported quarter is no longer the operative near-term catalyst.
新闻
Mixed-Bullish
新闻基调
The November 3 Q3 earnings report, now 6 calendar days away, is the dominant near-term market mover: with at 2.34% of price and 27.94% realized volatility, a single-session gap can plausibly exceed $20 and bypass any price-based stop. The September 22 OASIZ 301 win for dazodalibep remains the most consequential company-specific item because it de-risks a late-stage asset in an indication with no approved US therapy, but withheld efficacy detail and the pending OASIZ 303 readout leave its commercial value unquantified.
宏观
Neutral
4.99% 10Y / 17.5 VIX
easing 4.73% to 17.52 alongside a 10-year at 4.993% gives a marginally friendlier tape for long-duration pharma cash flows, but with the yield essentially pinned near 5% and Amgen's 2.27% dividend yield roughly 272 basis points below the risk-free rate, multiple expansion still has to be earned by earnings and pipeline evidence rather than by macro help.
稳定性
Balanced Growth
Core Growth
Amgen is a high-margin, cash-generative large-cap pharmaceutical franchise with a 71.89% gross margin, a 35.55% operating margin, $12.48 billion of operating cash flow, $8.65 billion of free cash flow (a 3.57% FCF yield) and a 2.27% dividend, which earns it a growth-sleeve slot rather than a tactical trading slot. What caps the quality of that compounding is accelerating Prolia (-32% to $759 million) and Xgeva (-34% to $352 million) biosimilar erosion, $43.31 billion of net debt against a 490.28% debt-to-equity ratio, and an 18.29x forward multiple on only about 6.33% consensus next-year growth for a 2.65 . The reported 0.407 beta materially understates risk: 20-day realized volatility is 27.94%, is 2.34% of price ($10.49), and there is binary gap risk around the November 3 earnings report plus the undated Q4 2026 OASIZ 303 readout. That combination belongs in a Core Growth bucket sized for high drawdown potential, not in a low-volatility Core Anchor slot.
分析师目标区间
均值目标
$397.32
高低目标
$225 / $500
分析师中值目标
$405.00
共识区间
$225 - $500
— 位分析师
Mean
$225$397$500
市场共识
The ratings tally sums to 34 opinions (4 Strong Buy, 8 Buy, 17 Hold, 3 Sell, 2 Strong Sell) and is unchanged from one month earlier, so the sell-side posture is stable but still skewed to Hold even after the run to $450.98. The explicit analyst-count field is null, so coverage breadth is inferred from the tally. The mean target of $397.32 sits 11.30% below the $447.95 close and the $405 median sits 9.59% below it, meaning the stock has run past the average analyst's fair value; the $500 high is only 11.62% above spot while the $225 low is 49.77% below, a band that captures genuine disagreement about the durability of the replacement-pipeline thesis. The October 23 Oppenheimer raise to $480 is the most recent and highest-profile action and shows at least one bull sees further upside, but it has not moved the mean above spot.
筹码脉冲
内部人信号
Neutral
净偏向
No recent activity
内部人持股
0.2%
机构持股
85.2%
解读
There is no classifiable recent discretionary insider activity in the bundle, so insider behavior provides no reliable signal about management's near-term confidence and should not influence the rating.
重要活动
The only supplied record lists CTO David M. Reese with 33,936 directly held shares valued at $10.23 million, but its date field is the malformed value 99 and its transaction type is blank, so it cannot be classified as an open-market purchase, a discretionary sale, an option exercise or a pre-scheduled 10b5-1 trade.
市场背景
行业
Drug Manufacturers - General
Mixed-Bullish
情绪
14
跟踪股票
5
分组
industry
Drug Manufacturers - General 行业 当前情绪为 Mixed-Bullish，板块平均评分约 59 分，整体偏稳，且leadership is concentrated in LLY, JNJ, ABBV。
轮动线索
Drug Manufacturers - General 行业 组内评分变化不大，当前更像是存量博弈。
Capital is being re-directed toward large-cap pharma stories with late-stage immunology optionality, and Amgen now sits in that bucket after dazodalibep cleared OASIZ 301 in systemic Sjogren's, an indication with no approved US therapy. Commercial support exists inside the same franchise, with Tezspire up 42% to $486 million and Uplizna up 90% to $335 million in Q2, but full OASIZ 301 efficacy and safety data have not been disclosed and Novartis' ianalumab is a direct competitor. The theme is strengthening modestly rather than fully confirmed; the bundle contains no fund-flow data, so the rotation read rests on price momentum and news flow rather than measured flows, and the October 23 reversal followed by only a partial repair into October 27 shows the theme premium is not being defended aggressively ahead of earnings.
OASIZ 303, the second pivotal study likely required for a filing, is expected in Q4 2026 with no precise date, and the stock has pressed to within 0.67% of its $450.98 52-week high into that catalyst window with next-year estimates 4.46% above their 90-day-ago level.
Dazodalibep met the OASIZ 301 primary endpoint with clinically meaningful improvement in disease activity and few discontinuations, prompting a roughly 4% single-day move and subsequent target raises from Oppenheimer to $480 and Barclays to $400.
Q2 Tezspire and Uplizna sales grew 42% and 90% respectively while Prolia and Xgeva fell 32% and 34%, shifting portfolio mix and narrative weight toward newer immunology assets.
Relative-strength signal: AMGN rose 2.04% on October 22 while the Nasdaq fell 2.60%, but it gave back 1.79% on October 23 before recovering 1.97% across October 26-27, indicating the defensive-rotation bid is intermittent rather than a sustained theme inflow.
Obesity / GLP-1 Competitive Race
评分: -25
Mixed-Bearish
The obesity opportunity is expected to exceed $100 billion in annual sales within a decade and is attracting continuous clinical news flow, but for Amgen the theme currently reads as competitive pressure rather than upside. Roche's enicepatide delivered 15.5% average weight loss at the highest dose in a 447-patient mid-stage type 2 diabetes study, with late-stage glycemic and cardiovascular outcomes studies planned for the first half of 2027, while Amgen's MariTide remains pre-commercial and lacks the domestic GLP-1 manufacturing scale that Eli Lilly and Novo Nordisk already command. The theme weakens Amgen's relative narrative positioning until MariTide produces differentiating data.
Roche's September 28 enicepatide update adds a fresh, credible challenger to a field where the incumbents already hold fast-track approvals, sharpening the execution bar for Amgen's obesity program while the regulatory CNPV pathway it might rely on faces durability questions.
Roche reported 15.5% average weight loss at the 24 mg dose with about 62% of patients reaching HbA1c below 5.7% and only around 2% discontinuation from side effects, a competitive tolerability read that met both primary goals.
News-flow supply chain analysis argues Amgen lacks the massive domestic GLP-1 manufacturing infrastructure held by Eli Lilly and Novo Nordisk, so even a fast regulatory path would not translate quickly into share.
关键指标
23 项指标
市值
$242.18B
市盈率 (TTM)
27.8
远期市盈率
18.3
营收增速
9.5%
净资产收益率
91.5%
Beta 系数
0.41
完整指标集
另外 17 项指标
估值结构
估值倍数与现金流框架。
市销率
6.4
市净率
20.7
企业价值 / EBITDA
16.4
质量与资产负债表
利润率、杠杆与流动性。
毛利率
71.9%
营业利润率
35.5%
资产负债率
490.3
流动比率
1.37x
速动比率
0.95x
仓位与价格区间
空头仓位与52周区间位置。
流通盘空头占比
2.6%
空头回补天数
4.45x
52周最高
$450.98
52周最低
$288.00
距52周高点
-0.7%
距52周低点
55.5%
公司分类
板块与行业背景。
板块
Healthcare
行业
Drug Manufacturers - General
其他信号
自由现金流
$8645624832.00
详细分析
估值
At $447.95, AMGN trades at 27.82x trailing and 18.29x forward earnings on $24.49175 of next-year consensus versus $23.03434 for the current year, implying only about 6.33% growth; dividing that 18.29x forward multiple by the 6.33% growth rate yields roughly 2.89x, and the supplied of 2.65 is well above a 1.5x growth benchmark either way. is 16.43x, price-to-sales is 6.36x against 9.5% revenue growth, price-to-book is 20.72x and enterprise value of $283.70 billion is 1.17x the $242.18 billion market capitalization. The 3.57% free-cash-flow yield is genuine support but remains 142 basis points below the 4.993% 10-year Treasury yield, so it does not compensate for equity risk on its own. The $397.32 mean target implies 11.30% downside and the $405 median implies 9.59% downside, while the $500 high is only 11.62% above spot and the $225 low is 49.77% below, a spread that captures real disagreement over whether the pipeline can replace Prolia, Xgeva and Enbrel cash flows. No peer or historical multiple series is supplied, so relative cheapness cannot be established; on absolute growth-adjusted terms the stock screens expensive even after trading within 0.67% of its 52-week high.
资产负债表
Leverage remains the weakest link. Total debt of $57.30 billion against $13.99 billion of cash leaves $43.31 billion of net debt, equal to 17.89% of market capitalization, with debt-to-equity at 490.28%. Cash covers only 0.24x debt and operating cash flow covers 0.22x, so the balance sheet depends on continuous refinancing, and a 10-year yield near 4.99% keeps that cost elevated. The offsets are real: operating cash flow of $12.48 billion, free cash flow of $8.65 billion, roughly 69.3% cash conversion, and a 60.87% payout ratio that leaves the 2.27% dividend covered roughly 1.6x by earnings. of 91.47% is a leverage artifact; of 8.67% is the honest measure of asset returns. Current and quick ratios of 1.37 and 0.95 indicate adequate but not abundant liquidity.
增长
Q2 2026 revenue rose about 9.5% year over year to roughly $10.1 billion. Growth drivers advanced strongly, led by Imdelltra +115% to $288 million, Uplizna +90% to $335 million, Tezspire +42% to $486 million and Repatha +37% to $953 million, with Otezla contributing $2.27 billion in 2025. That is being partly consumed by biosimilar and pricing pressure: Prolia fell 32% to $759 million, Xgeva fell 34% to $352 million and Enbrel fell 4% to $580 million on Medicare Part D price setting, and management has guided Prolia (2025 sales of $4.41 billion) to decline more rapidly in 2026 as US patents expire. Q2 of $6.29 versus $6.02 a year earlier is about 4.5% growth, and the consensus current-year to next-year step is only about 6.33%. The 64.9% reported earnings-growth figure is a base-effect artifact and should not be extrapolated as a forward run rate. No margin time series is supplied, so sustained expansion versus compression cannot be proven either way.
生意质量
Amgen's economics remain those of a top-tier pharmaceutical franchise: 71.89% gross margin, 35.55% operating margin, 45.33% margin and 22.95% net margin. The franchise supports premium multiples on quality grounds, but growth rather than profitability is the constraint. of 8.67% is respectable for a capital-intensive manufacturer while the 91.47% is leverage-driven. Liquidity is adequate at a 1.37 current ratio but thin at a 0.95 quick ratio. Institutional ownership of 85.18% and insider ownership of 0.23% mean institutional positioning, not insider alignment, will drive trading behavior, and the low float differential (540.63 million shares outstanding versus 539.16 million float) leaves no structural supply overhang. The 0.407 reported beta should not be read as low risk given 27.94% realized 20-day volatility and repeated binary clinical and earnings events.
资本配置
Operating cash flow of $12.48 billion and free cash flow of $8.65 billion fund roughly $7.3 billion of 2025 R&D, the dividend, and debt service. The dividend (2.27% yield, 60.87% payout) looks sustainable from both earnings and cash flow. With $43.31 billion of net debt and the 10-year near 5%, incremental capital should lean toward deleveraging and pipeline funding rather than aggressive buybacks; the $151 million Deerfield campus sale-and-leaseback reported in the news flow is consistent with a mildly asset-light posture. Share-count and buyback history are not supplied beyond the outstanding and float figures above, so no buyback-driven per-share accretion is assumed.
预期修正
Revisions are split by horizon and the split still matters. Next-year of $24.49175 is 4.46% above its 90-day-ago level of $23.44701, 0.17% above its 30-day-ago level of $24.44897 and essentially flat versus its 7-day-ago level of $24.49536, with seven upward versus one downward revision over 30 days and four up versus one down in the last seven days. Current-year of $23.03434 is 3.15% above its 90-day-ago level of $22.33131 and 0.08% below its 30-day-ago level of $23.05565, with three up and three down over 30 days and two up versus three down in the last seven days. The near quarters are softer: current-quarter of $5.78759 is 0.43% above its 7-day-ago level of $5.76291 but was revised two up versus three down in the last seven days, and next-quarter of $5.77097 is about 0.54% below its 30-day-ago level of $5.80226 with four up and one down over 30 days. There were zero upgrades and zero downgrades in the 90-day feed, but the rating mix drifted from 4 Strong Buy, 10 Buy, 16 Hold, 2 Sell and 2 Strong Sell two months ago to 4 Strong Buy, 8 Buy, 17 Hold, 3 Sell and 2 Strong Sell now. The most recent target actions were constructive, with Oppenheimer raising to $480 from $450 on October 23 and Barclays to $400 from $380 on October 21, while Guggenheim cut to $378 from $388, BMO to $415 from $450 and Wells Fargo to $430 from $435 earlier in October.