Deutsche Raises Price Target on Gilead Sciences (GILD), Top Pick in Large Cap Biotech

Deutsche Bank is reaffirming its Buy rating on shares of Gilead Sciences (NASDAQ: GILD) and is raising its price target from $53 to $66.

Following market checks, the firm believes ‘7977 shows at minimum an 80% SVR12 in GT1 patients in combination with riba at EASL. Deutsche forecasts $8.9 billion in unadjusted peak 2022 sales, which are expected to decline to $6.3 billion in outer years as patient's demand lessons.

An analyst at Deutsche comments, "We see Gilead as one of our top picks in large cap biotech, with above-average growth opportunities (‘12-‘18 revenue CAGR of 22%)and a series of HCV & HIV catalysts in 2012. We believe the street is underestimating the market oppy for ‘7977 in HCV as well as the ability of Gilead to take majority new HIV patient market share with its QUAD franchise."

For FY12 and FY13, the firm cut its EPS estimates from $4.37 and $5.46 to $3.59 and $4.37. Deutsche forecasts total revenues of $8.9 billion and $10.09 billion for FY12 and FY13.

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 $49.31 yesterday.

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