UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Gilead Sciences on Multiple Positive Factors

In a report published Monday, Morgan Stanley analyst Marshall Urist reiterated an Overweight rating on Gilead Sciences GILD, and raised the price target from $46.00 to $65.00. In the report, Urist noted, “Price target to $65 from $46 driven by 1) rising HCV estimates, 2) strong HIV franchise performance, and 3) oncology and HIV pipeline option value...HCV debate transitioning from clinical to commercial. Big market with pricing flexibility. Solid Stribild launch improves LT cash flow visibility. Positive, buyback-focused medium- to long-term capital deployment plan and continued acquisitions to build pipeline. Earnings power with potential for 1000 bps of GM expansion from new product launches (Stribild, HCV, Complera, and Sustiva patent expiry). Gilead Sciences closed on Friday at $53.17.
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