Analyst Says Amgen Shares Undervalued, Ariba at Outperform, Covidien a Top Pick

Amgen Inc.(NASDAQ:AMGN): Cowen said Amgen shares are undervalued citing solid Q4 results and guidance, its acquisition of Micromet (NASDAQ:MITI), and its growing pipeline. Shares are Outperform rated.

Ariba Inc.(NASDAQ:ARBA): Cowen said Ariba provided in-line guidance for the year after beating Q1 expectations despite strength in all its business segments. The firm believes the company is in the early stages of dominating its business opportunities, margins, and revenue growth. Shares are Outperform rated.

Covidien plc(NYSE:COV): JP Morgan reiterates Covidien as a top pick idea following the company’s Q1 results and raised its price target for shares to $59 from $54.

Salix Pharmaceuticals Ltd.(NASDAQ:SLXP): Caris sees several catalysts ahead for Salix that include 2012 guidance, Xifaxan upside, Relistor April 27 PDUFA, and Solesta’s launch. Share are Buy rated.

Seattle Genetics Inc.(NASDAQ:SGEN): ThinkEquity increased its target on Seattle Genetics after the company reported 100% preliminary response rates with ADCETRIS in Front-Line ALCL. The firm reiterates a Buy rating on the stock.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com