Truist downgrades Gilead, says new strategy will take time

Truist downgraded Gilead Sciences to Hold from Buy with a price target of $82, down from $91. The views the company’s “re-strategizing” to focus on chemo combos in lung and other large markets as “smart, nimble, and cost-efficient,” but recognizes it will take time. The shares “may trade flat” until topline data from the STAR-121/221 trials which may readout in 2025, the analyst tells investors in a research note. The firm thinks investors will want to see execution in 2025 and beyond before buying Gilead.