Gilead Sciences (GILD) PT Raised to $134 at Piper Jaffray on Another 'Beat and Raise'

Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating and boosted his price target on Gilead Sciences (NASDAQ: GILD) to $134.00 (from $131.00) following another 'beat and raise'.

Schimmer commented, "GILD hosted its 2Q earnings call after the close and again easily beat consensus product sales ($8.13B vs. consensus $7.37B) and EPS ($3.15 vs. consensus $2.65) while raising 2015 revenue and slightly lowering reducing expense guidance (SG&A, R&D, and tax rate). The company now expects full year net sales to be $29-30B (up $1B) from previously provided $27-28B. While the HCV franchise continues to outperform expectations, investors broadly expect the company to pull off a transformative transaction to improve the LT growth outlook and drive multiple expansion to levels more in-line with peers. We are updating our estimates to reflect the new guidance and as such our new PT increases from $131 to $134 (discount rate and terminal multiple unchanged)."

The firm raises FY 2015 EPS from $10.87 to $11.56.

For an analyst ratings summary and ratings history on Gilead Sciences click here. For more ratings news on Gilead Sciences click here.

Shares of Gilead Sciences closed at $113.07 yesterday.

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