In a report published Tuesday, Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating on Amgen (NASDAQ: AMGN), but removed the $140.00 price target.
In the report, Morgan Stanley noted, “David W. Meline, former CFO of 3M, appointed new CFO: Meline joins from 3M where he served as CFO for the last 3 years and corporate controller for the 3 years prior to CFO. Amgen has been without a permanent CFO since Jon Peacock stepped down on 1/10/2014.
"Multi-national and P&L management experience cited as key attributes: Amgen management cited Meline's experience as a divisional CFO at GM for Brazil, Europe and North American, plus his experience at 3M as CFO for a company with operations in 70 countries, as important experience he can bring to Amgen as it expands its international operations – a goal which remains a priority for management.
"Further, Meline understands how to run a cost efficient business – another key area that Amgen management cited as important to the CFO role.”
Amgen closed on Monday at $116.40.
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