Citi Maintains Hold on Gilead Sciences

Citi is out with its report today on Gilead Sciences GILD, maintaining Hold. In its report, Citi writes, "We rate the shares of Gilead Sciences Hold/High Risk (2H). According to our estimates, Gilead is slated to post an 18% EPS CAGR from 2011-'14 due to its premier HIV franchise and driven by $6B in stock buybacks. However, Gilead's main HIV products are expected to undergo patent expiration from 2017-'21, that will compound other patent expirations in 2014-'16, raising doubts about the sustainability of profits in the out-years." Citi maintains a $44 PT on GILD. At the time of posting, shares of GILD were trading at $37.33, down 1.28% from Friday's close.