Gilead Sciences (GILD) Target Price Upped to $85 at Needham & Company Post Q3

October 30, 2013 12:26 PM EDT
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Price: $107.76 +1.12%

Rating Summary:
    21 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 8 | Down: 15 | New: 18
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Needham & Company analyst Alan Carr, Ph.D. reiterated a Buy and raised his price target on Gilead Sciences (NASDAQ: GILD) from $70 to 85 following strong Q3 results and outlook.

Carr weighs in: "Total revenues were $2.78B, above our $2.64B and consensus $2.72B estimates. Annual product sales guidance was raised from $10.0-10.2B to $10.3-10.4B. Non-GAAP EPS of $0.52 exceeded our and consensus expectations for $0.48. Highly anticipated sofosbuvir FDA approval in HCV is expected by the 12/8/13 PDUFA date. We model strong revenue growth 2014+. Other key events in 4Q13 include Phase 3 sofosbuvir/ledipasvir ION trial data and Phase 2 sofosbuvir/GS-5816 data."

The firm raised FY 2013 EPS from $1.96 to $1.97 and FY 2014 EPS was trimmed from $2.76 to $2.57,

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 $69.50 yesterday.

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