Needham & Company Boosts PT on Gilead Sciences (GILD) to $62

May 3, 2013 9:14 AM EDT Send to a Friend
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Price: $110.71 +3.29%

Rating Summary:
    23 Buy, 5 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Needham & Company raised its price target on Buy-rated Gilead Sciences (NASDAQ: GILD) from $45 to $62 on impressive Sofosbuvir/Ledipasvir Data from LONESTAR. Q1 results were slightly under, the firm also noted.

Analyst Alan Carr, "Gilead announced 1Q13 financial results yesterday. Total revenues were $2.53B, below our and consensus $2.58B estimates. Non-GAAP EPS was $0.48, compared to our and consensus $0.50 estimates. HIV product sales were down q/q due to inventory depletion at wholesalers. VA purchases were also low in 1Q13, but are expected to normalize in 2Q13. Management reiterated all 2013 guidance.

He continued, "Initial Phase 2 LONESTAR data were announced yesterday as well. Impressive once daily-single tablet sof/led efficacy (95-100% SVR4/8) with only 8 weeks treatment reduces risk and further solidifies competitive advantage in HCV."

The firm trimmed FY 2013 EPS from $1.94 to $1.91 and FY 2014 EPS from $2.45 to $2.37.

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 $52.18 yesterday.


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