UPDATE: BMO Capital Maintains Gilead Sciences (GILD) at Market Perform (Correction)
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(Updated - November 2, 2016 7:17 AM EDT)
(Gilead was not upgraded to Outperform, remains Market Perform at BMO.)
BMO Capital maintained its Market Perform rating on Gilead Sciences (NASDAQ: GILD) with a price target of $84 (prior $98). Comments follow Q3 results.
Analyst M. Ian Somaiya said, "We are lowering our price target to $84 from $98, reflecting continued weakness in HCV sales despite the strength of the TAF STR product launches in HIV. We believe that recent failure of simtuzumab in its P2 trial in NASH cirrhotics increases reliance on the early stage pipeline. We believe a slowdown in share repurchasing, a recent $5B debt financing, and $31.6B in cash could support a significant acquisition, as we continue to believe Gilead's next key catalyst remains business development as management needs to fill its pipeline gap."
Shares of Gilead Sciences closed at $74.07 yesterday.
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