Gilead Sciences (GILD) PT Lowered to $95 at Credit Suisse on Lower HCV Revenue, Visibility
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Credit Suisse analyst Alethia Young lowered her price target on Gilead Sciences (NASDAQ: GILD) to $95 from $115 but maintained an Outperform rating. Young said visibility on HCV is low but HIV and pipeline keeps them positive.
"GILD shares are down 22% this year mostly due to questions around what are sustainable levels for their HCV franchise," Young commented. "We are lowering our HCV revenues because we think street estimates are still too high considering continued price and market share pressure. We are maintaining our Outperform and take a long-term view that at this level any success or greater confidence in pipeline is upside. We see floor values on GILD shares of $60-$70/sh based on HIV value & our thoughts on HCV worst case scenarios. Our new $95/sh TP is based fully on a DCF valuation for GILD vs. split between DCF & multiple previously."
The firm thinks HCV consensus is still too high and are $2B below consensus in 2020.
Shares of Gilead Sciences closed at $78.06 yesterday.
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