Gilead price target raised to $96 from $70 at UBS

UBS raised the firm’s price target on Gilead (GILD) to $96 from $70 and keeps a Neutral rating on the shares. The firm increased HIV PrEP and Livdelzi estimates, and sees potential for meaningful growth in Gilead’s HIV base business from PrEP market expansion with the launch of lenacapravir. However, with the shares up 30% over the last six months, and with the growth of the PrEP market still undefined, the think shares are appropriately valued currently, the analyst tells investors in a research note.