Gilead price target raised to $126 from $116 at BofA

BofA raised the firm’s price target on Gilead (GILD) to $126 from $116 and keeps a Buy rating on the shares. For the last several weeks, markets have become more “defensive” and a handful of large-cap biopharma stocks the analyst covers have seen inflows that have pushed their share prices “disproportionately higher,” the analyst tells investors. The rally has generally benefitted companies that investors commonly view as being less-controversial, lower-risk, and in some cases, historically more defensive, including AbbVie (ABBV), Amgen (AMGN), Gilead, and Johnson & Johnson (JNJ), notes the analyst, who raised targets among the group given this dynamic.