UPDATE: Citi Raising Price Target On Gilead Sciences Inc (GILD)

Citi Investment Research is raising its price target on shares of Gilead Sciences Inc

to $44 from $43 following earnings. It has a Hold rating on shares. In a note to investors, Citi writes, "While the stock is cheap and generates tremendous cash flow, the future stock performance depends on the Quad achieving superiority to Atripla. At this point, we cannot make this call. However, we do anticipate that the stock will appreciate into Btripla's FDA approval on Aug 10th and Quad data in late Q3/early Q4 as investors view the risk/reward to be favorable. We concede that there is not a lot of downside risk if the Quad does not show superiority other than the stock could remain range bound." Shares of GILD are down 92 cents to $39.86, a loss of 2.26%.