HSBC Upgrades Gilead Sciences (GILD) to Buy
HSBC analyst Rajesh Kumar upgraded Gilead Sciences (NASDAQ: GILD) from Hold to Buy with a price target of $155.00 (from $133.00).
The analyst comments: “The market is too pessimistic on the HIV market post-dolutegravir generics, in our view. We believe the long-acting HIV therapies will improve adherence and help offset declines, supporting better-than-consensus HIV forecasts. Furthermore, short-term upside could come from high-growth PrEP (Yeztugo) and oncology catalysts (anito-cel, Trodelvy), with the recent share price correction and 13x next year earnings making valuation attractive.”
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Shares of Gilead Sciences closed at $131.27 yesterday.