Amgen (NASDAQ:AMGN) a Buying Opportunity Says Barclays (NYSE:BCS)

Barclays (NYSE:BCS) says that in spite of the recent weakness of Amgen (NASDAQ:AMGN), they consider them at a place of being a good "buying opportunity," and maintain an "Overweight" rating on the company.

"Recent AMGN weakness is attributable to avoidance of study '147 binary risk and lack of conviction in base business, Prolia, XGEVA, or strategy provides opportunity with significant option value ahead of expected EPS re-acceleration...To the extent that we believe bundling impact has been overestimated, that Part D reimbursement in 1Q11 will accelerate Prolia launch, that better-than-expected XGEVA labeling will generate a steeper launch, that strategic initiatives will not be short-sighted and given our confidence in positive '147 bone met prevention data, we believe that a significant buying opportunity exists," said Barclays.

Amgen closed Tuesday at $52.69, falling $0.63, or 1.18 percent. Barclays has a price target of $71 on them.