UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Gilead Sciences

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Gilead Sciences

, but lowered its price target from $95.00 to $48.00. Deutsche Bank noted, “We are updating our TP and EPS estimates for Gilead's recent 2:1 stock split. Our new TP is $48 & our pre-split TP was $95. Our new 4Q12, FY 2012 and 2013 non-GAAP EPS estimates are $.51, $1.98, and $2.35 respectively. New 4Q12 fully diluted share count is 1582 with average share count of 1568 for FY 2012. We have made no changes to our revenue projections or expenses. Our thesis remains unchanged on HCV & HIV.” Gilead Sciences closed on Tuesday at $39.90.