UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Gilead Sciences

In a report published Wednesday, Credit Suisse reiterated its Neutral rating on Gilead Sciences GILD, and raised its price target from $54.00 to $65.00. Credit Suisse noted, “Slight Q3 beat driven primarily by higher product sales. GILD reported after the market close yesterday, posting an EPS of $1.00 (vs. $0.96/$0.93 for Credit Suisse/consensus). The beat was driven by higher product sales ($2.43B vs. $2.37B/$2.33B for Credit Suisse/consensus). Truvada delivered a strong Q3, posting sales of $800M (vs. $774M/$762M for Credit Suisse/consensus). GILD also raised guidance on 2012 net product sales from $8.8B-$9.0B to $9.1B-$9.2B. We made housekeeping changes to our model; there were no major changes. We are raising our 2012/2013/2014 EPS estimates to $.85/$4.64/$6.02 (from $3.83/$4.57/$5.94) respectively.” Gilead Sciences closed on Tuesday at $64.91.