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Average earnings estimate by analysts is $7.12 for 2013, a 10 % increase over 2012. With this kind of earnings and a great pipeline, the stock should be selling for at least a 15PE. This would put the price over $100. Analysts look for another 10% increase in 2014.
NO! The market is overdue for a correction. The AMGN chart shows substantial up-side resistance at $90 with backing and filling between about 82 and 88. I'd be a buyer on a dip to 81-82. If it breaks below 80 there's trouble ahead. The supply overhang is huge, and the stock has run out of momentum. Long term, AMGN could be a decent "hold" on a correction to 75-73.