Gilead Sciences (GILD) PT Lowered to $77 at Morgan Stanley

Morgan Stanley lowered its price target on Gilead Sciences (NASDAQ: GILD) to $77.00 (from $85.00) while maintaining a Equalweight rating.

Analyst Matt Harrison comments "4Q16 beat, but 2017 rev guide was 15% below cons and 9% below our Street low ests. HCV (-30% vs cons; -45% Y/Y) drove the miss with slowing volumes the key culprit. P/E now ~9x off mid-point of our $6.64-$8.47 implied EPS range (~30% below cons). Mgt. again pointed to external assets for growth"

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