Gilead price target raised to $84 from $81 at RBC Capital

RBC Capital analyst Brian Abrahams raised the firm’s price target on Gilead (GILD) to $84 from $81 but keeps a Sector Perform rating on the shares. The firm is seeing significant investor interest around the company’s upcoming early-December HIV Analyst Event, where its management will provide updates around their earlier-stage treatment portfolio and lena PrEP commercial expectations, the analyst tells investors in a research note. The firm’s deep dive suggests that Gilead has a strong track record of pre-loss-of-exclusivity market conversion and plenty of time, though it also sees some notable uncertainties and definitive de-risking clarity on life cycle as unlikely, with a high probability of ultimate lena PrEP approval but some potential underappreciated headwinds to its uptake, RBC adds.