Gilead Sciences (GILD) PT Raised to $67 at BMO Capital

BMO Capital analyst Matthew Luchini raised the price target on Gilead Sciences (NASDAQ: GILD) to $67.00 while maintaining a Market Perform rating.

The analyst commented, "Gilead reported a top- and bottom-line beat driven by Veklury, though full year 2020 product sales of $24.4bn were at the top of January's revised guidance. 2021 guidance expects significant ($2-$3bn) Veklury contribution, though we expect sales to be front-end loaded. We continue to view Gilead's pipeline as improving but data takes time to unfold, and with guidance suggesting core (ex-Veklury) growth of ~2% at the mid-point we believe clinical and commercial executions remain key. Model updates for 4Q results and guidance increase our target to $67. Reiterate Market Perform."

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