Gilead price target raised to $97 from $83 at Truist

Truist analyst Asthika Goonewardene raised the firm’s price target on Gilead (GILD) to $97 from $83 and keeps a Hold rating on the shares. The company increased its FY24 product sales guidance to $27.7B – $28.1B, largely driven by Veklury demand from increased COVID-19 hospitalizations, and also raised Veklury sales guidance to $1.8B from $1.3B previously, the analyst tells investors in a research note. Truist adds that its price target increase reflects a more aggressive ramp up of lenacapavir, higher Veklury expectations, and continued optimism on Anito-cel.