Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating and boosted his price target on Gilead Sciences (NASDAQ: GILD) to $111.00 (from $106.00) following better-than-expected Q2 results and outlook.

Schimmer commented, "Yet again, GILD easily surpassed top/bottom line numbers but contracted LT growth prospects, so EPS beats are still being accompanied by multiple contraction. As GILD increasingly shifts away from "growth" into "value", the challenge will be identifying opportunities to drive outer-year estimates higher and somehow convincing the Street that there is still growth potential. We suspect this will come in a variety of forms (HCV ex-U.S. performance; transition of HIV franchise to new products; positive pipeline readouts; M&A; dividend/growth) which will help GILD grind higher over the year."

The firm raised FY 2014 EPS from $6.32 to $7.79 and FY 2015 EPS from $7.61 to $9.60.

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Shares of Gilead Sciences closed at $90.34 yesterday.