S&P Capital IQ Reiterates its BUY Rating On Gilead Sciences, Target Price Raised

October 29 00:00 2011

New York, October 29 (RainbowNewsLine.com) – Analyst Steven Silver of S&P Capital IQ reiterates his BUY rating on the shares of Gilead Sciences (NASDAQ: GILD). The target price has been raised from $50 to $52.

Analyst Steven Silver, in a research note published yesterday mentions that the company has reported its Q3 EPS ahead of the estimates. Gilead Sciences’ product sales rose 11% to $2.07 billion, driven by HIV drug sales, and with higher growth rates of small revenue contributors like Letairis and Ranexa. Gilead Sciences reported an operating cash flow of $897 million for Q3, and $5.5 billion in cash that can support aggressive share repurchases and pipeline investments, the analyst says. It is encouraging to note that the company has submitted its “Quad” HIV pill  for FDA approval, just after weeks after Phase III study completion, the analyst says.