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These reviews, excerpted and edited by Barron’s, have been issued just lately by funding and analysis corporations. The reviews are a sampling of analysts’ considering; they shouldn’t be thought-about the views or suggestions of Barron’s. Among the reviews’ issuers have offered, or hope to supply, investment-banking or different companies to the businesses being analyzed.
Gilead Sciences
GILD-Nasdaq
Obese • Value $62.32 on Oct. 3
by J.P. Morgan
We’re refreshing our thesis on Gilead and upgrading shares to Obese from Impartial, as we see the mix of elevated visibility on the corporate’s HIV franchise and an rising oncology franchise not nicely mirrored in valuation at 9.5 occasions 2022 earnings per share. At present ranges, we see Gilead’s HIV enterprise alone supporting the corporate’s complete market cap. And with an oncology franchise that we forecast to succeed in $5 billion in gross sales by 2030, in addition to potential upside to lenacapravir estimates over time, we see shares as clearly undervalued at present ranges. Lastly, whereas Gilead’s acquisition observe document represents a degree of controversy within the story, we see the corporate’s capital deployment priorities pivoting to smaller, tuck-in acquisitions. We set up a December 2023 value goal of $80, based mostly upon our discounted money circulation valuation.
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