31.8% Return Expected in Gilead Sciences, Further Upside Possible (GILD)

Citi Investment Research analyst Yaron Werber has kept the target price of $57 per share unchanged for Gilead Sciences Inc. (NASDAQ: GILD), stating that the consensus numbers look conservative and further upside is possible given Gilead’s substantial expense leverage and potential for a better top line.

Q409 is expected to be a solid quarter for Gilead, backed by normalized inventories, higher than consensus Atripla sales ($470 million as per HIV tracking) and a 3.4% rebound in Euro q/q.