Gilead Sciences (GILD) PT Raised at Cowen as HCV Sales Drive Beat
Cowen analyst Phil Nadeau reiterated an Outperform rating and bumped his price target on Gilead Sciences (NASDAQ: GILD) to $130.00 (from $125.00) as HCV sales drove the top and bottom-line and guidance was ralsed.
Nadeau commented, "Gilead reported solid Q3 financials with HCV revenue ($4.8B vs $4.4BE), product sales ($8.2B vs $7.8BE), and non-GAAP EPS ($3.22 vs $2.83E) all ahead of consensus. While U.S. HCV scrips have been in decline for six months, Gilead thinks trends are stabilizing. We have adjusted our ests to reflect current trends, and our PT has increased from $125 to $130."
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Shares of Gilead Sciences closed at $110.96 yesterday.