UPDATE: Jefferies Raises PT on Gilead Science from $48 to $53

Jefferies reiterated a Hold rating on Gilead Sciences

and raised its price target from $48 to $53. Jefferies noted, “GILD reported stronger than anticipated 2Q12 sales of $2.32b, beating our estimate of $2.21b and the Street at $2.21b. On its call, GILD provided new data and additional color on its development plans for its HCV franchise. While we are positive on 7977 prospects, we remain cautious on GILD based on valuation.” Gilead Sciences closed at $51.68 on Thursday.