Nomura Maintains Bullish Stance on Gilead Sciences (GILD) Post EASL Meeting

Nomura Securities analyst , M. Ian Somaiya reiterated a Buy rating and $121 price target on Gilead Sciences (NASDAQ: GILD) following the EASL meeting which reassured them that despite competition Gilead remains the clear market leader in HCV.

Somaiya said, "The EASL meeting left us with the clear sense that while the HCV market will be increasingly crowded, Gilead is set to remain the market leader, as no regimen delivers the combination of efficacy, safety and convenience of Sovaldi. We see potential upside to our long-term estimates (we assume <60% share), as both AbbVie and Merck may prove to be less competitive than assumed. With our bullish stance on HCV and potential for near-term upside when Gilead reports 1Q14 earnings (April 22 AMC), we believe current levels create an attractive buying opportunity."

The firm maintained FY14E EPS at $3.60; FY15E EPS at $5.63.

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 $66.03 yesterday.

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