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Gilead Sciences
has more to offer than investors think, one analyst team argued.
BofA analysts raised their rating on Gilead stock (ticker: GILD) to Buy from Neutral, lifted their price target to $95 from $88 in a Friday report. They also boosted revenue estimates in a Friday report.
Shares of the biotech were rising 3.1% to $76.21 in Friday trading. This year, the stock has fallen 11%.
“We think Gilead’s accelerating growth and expanding pipeline is underappreciated by investors,” analysts wrote. The company is performing well in its core HIV business and is making strides in its hematology/oncology franchise, they added, despite setbacks in a blood-cancer treatment, and a downturn in COVID-19 revenue.
The stock has underperformed this year, and are trading cheaper than peers, BofA analysts explained, and they believe “shares look oversold,” citing multiple opportunities for growth.
Last month, the company cut its earnings forecast for the full year to reflect a $525 million legal settlement.
Write to Emily Dattilo at [email protected]
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