Two financial firms revised their stock recommendations for biotechnology giant Amgen Inc. in May 2026 based on revenue expectations and product momentum.

Piper Sandler adjusted its price target for Amgen to $427 from $432 on May 14, while maintaining an Overweight rating on the shares.

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The investment firm reported that it anticipates potential upside to consensus revenue estimates for the company in both 2026 and 2027.

According to analysts from Piper Sandler, this positive revenue outlook is heavily driven by growth in the rare disease segment, particularly the drug Uplizna, rather than Amgen's core commercial products.

The firm also identified Tepezza as a prospective long-term growth driver after the treatment demonstrated strong Phase III results for its subcutaneous formulation.

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Freedom Broker Upgrades Amgen to Buy

Separately, Freedom Broker upgraded Amgen to a Buy rating from Hold on May 7, keeping its price target steady at $375.

The firm implemented the upgrade following a first-quarter stock decline and steady performance from Amgen's innovative portfolio, which countered weaknesses in its mature product line.

Analysts from Freedom Broker evaluated the company's financial data during the initial quarter of the year.

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"fully in line with our expectations, although the quarter is seasonally weak," said analysts from Freedom Broker.

The firm noted that the primary factors driving growth for the biotechnology enterprise remain intact.

"still too early to draw firm conclusions about the earnings trajectory for the full year," added analysts from Freedom Broker.

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Amgen Inc. discovers, develops, manufactures, and delivers medicines targeting serious diseases through its human therapeutics segment.