Stifel analyst, Katherine Breedis, reiterated her Buy rating on shares of Gilead Sciences (NASDAQ: GILD) after the company reported results that missed Street expectations on the top and bottom line.

Despite the weak results, the analyst believes the market is not ascribing any value to GILD’s HCV franchise and over the next 3-12 months, pipeline catalysts in HIV (Ph.III bictegravir/F/TAF) and NASH will garner increasing visibility and drive multiple expansion toward GILD’s prior trough multiple of 10x.

No change to the price target of $87 which is based on 10.3x 2017 EPS estimate of $8.45.

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Shares of Gilead Sciences closed at $68.59 yesterday.