Is a Surprise Coming for Amgen (AMGN) This Earnings Season?

Investors are always looking for stocks that are poised to beat at earnings season and Amgen Inc. AMGN may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Amgen is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for AMGN in this report.In fact, the Most Accurate Estimate for the current quarter is currently at $4.16 per share for AMGN, compared to a broader Zacks Consensus Estimate of $4.02 per share. This suggests that analysts have very recently bumped up their estimates for AMGN, giving the stock a Zacks Earnings ESP of +3.45% heading into earnings season.Amgen Inc. Price and EPS Surprise Amgen Inc. price-eps-surprise | Amgen Inc. QuoteWhy is this Important?A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10-year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).Given that AMGN has a Zacks Rank #3 and an ESP in positive territory, investors might want to consider this stock ahead of earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Clearly, recent earnings estimate revisions suggest that good things are ahead for Amgen, and that a beat might be in the cards for the upcoming report.Just Released: Zacks Top 10 Stocks for 2023In addition to the investment ideas discussed above, would you like to know about our 10 top picks for 2023?From inception in 2012 through November, the Zacks Top 10 Stocks portfolio has tripled the market, gaining an impressive +884.5% versus the S&P 500’s +287.4%. Our Director of Research has now combed through 4,000 companies covered by the Zacks Rank and handpicked the best 10 tickers to buy and hold in 2023. Don’t miss your chance to still be among the first to get in on these just-released stocks.See New Top 10 Stocks >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amgen Inc. (AMGN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
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