BofA/Merrill Lynch Reinstates Gilead Sciences (GILD) at Buy

BofA/Merrill Lynch reinstates coverage on Gilead Sciences (NASDAQ: GILD) with a Buy rating and a price target of $130.00.

Analyst Ying Huang comments, "We are reinstating coverage of GILD with a Buy rating and a $130 PO, based on a 13x multiple on our 2015 non-GAAP EPS estimate. In 1H14, GILD reported an astounding $5.8B in Sovaldi sales, and is on track to rake in $12B+ in total HCV sales this year, by our estimates.Beyond Sovaldi, we believe the upcoming oral once-dailysofosbuvir/ledipasvir fixed dose combination (FDC) will dominate the market, given its remarkable efficacy/safety profile and convenient administration. While pricing pressure and competition (notably Merck) remain as risks,we believe the superior clinical outcomes provided by GILD’s FDC will ultimately trump all."

For an analyst ratings summary and ratings history on Gilead Sciences click here. For more ratings news on Gilead Sciences click here.

Shares of Gilead Sciences closed at $106.45 yesterday.

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