NEW YORK (TheStreet) -- Shares of Amgen (AMGN) - Get Report are increasing 0.44% to $171.43 on Thursday afternoon after the company reported higher-than-expected results for the 2016 second quarter.

After yesterday's market close, the Thousand Oaks, CA-based biotech giant posted adjusted earnings of $2.84 per share, surpassing analysts' estimates of $2.74 per share.

Revenue for the quarter was $5.69 billion, while analysts were projecting $5.58 billion.

For 2016, the company expects earnings per share in the range of $11.10 to $11.40 vs. its previous guidance of $10.85 to $11.20 per share.

Amgen also now sees revenue between $22.5 billion and $22.8 billion for the full year compared to its prior view of $22.2 billion to $22.6 billion.

Analysts are modeling earnings of $11.18 per share on revenue of $22.6 billion.

Leerink upped its price target to $201 from $186 and maintained its "market perform" rating on the stock following the results. Despite the beat, the firm said it believes the company is "challenged by increasing competitive risks and uncertainties, with limited pipeline upside to offset them."

Cowen also raised its price target on the stock to $209 from $193 and reiterated its "outperform" rating. The firm believes Amgen will see upward earnings revisions for the foreseeable future, the Fly said.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A+ on the stock.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, reasonable valuation levels and expanding profit margins. 

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AMGN

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