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Pro Analysis

Amgen upgraded by Bank of America a day after CEO meets Trump

Robert Bradway, president and chief executive officer of Amgen Inc., listens as Ken Frazier, chairman and chief executive officer of Merck & Co., left, speaks during a news conference outside the White House following a meeting with U.S. President Donald Trump, not pictured, in Washington, D.C.
Andrew Harrer | Bloomberg | Getty Images
Robert Bradway, president and chief executive officer of Amgen Inc., listens as Ken Frazier, chairman and chief executive officer of Merck & Co., left, speaks during a news conference outside the White House following a meeting with U.S. President Donald Trump, not pictured, in Washington, D.C.

Bank of America Merrill Lynch on Wednesday upgraded Amgen to buy from neutral, a day after President Donald Trump spoke with a host of pharmaceutical company chief executives on drug pricing and the future of the industry.

During the meeting, Amgen CEO Robert Bradway told Trump the biotech giant is planning to add 1,600 jobs soon. Bank of America didn't specifically comment on the pharma gathering, but referenced the likelihood for Trump's policies to benefit Amgen.

"In light of Trump's proposal on cash repatriation, we believe AMGN could repatriate a significant portion of its $34.8B cash held overseas," equity analyst Ying Huang wrote in a research note. "The potential share buyback, dividend payment and acquisitions associated with the cash repatriation can further boost stock performance, in our view."