UPDATE: Morgan Stanley Reiterates On Gilead Sciences On EM Sovaldi

In a report published Monday, Morgan Stanley analyst Matthew Harrison reiterated an Equal-Weight rating on

, but removed the $75.00 price target. In the report, Morgan Stanley noted, “While we acknowledge that the bull case of emerging market (EM) revenues backstopping any declines in developed market revenues from volume declines or pricing/competition pressure is possible given the sig. number of EM pts, we believe both the cost implications (even with Sovaldi at 1% of the US price) and infrastructure demands will slow any sig. revenue contribution from EM countries. That said, we will continue to watch EM developments as significant penetration in EMs would have a positive impact on our HCV tail estimates.” Gilead Sciences closed on Friday at $82.94.