RBC downgrades Gilead, says drivers need time to play out

RBC Capital analyst Brian Abrahams downgraded Gilead to Sector Perform from Outperform with an unchanged price target of $87. The analyst expects continued good operational execution, but believes it will "take time to gain more definitive visibility on the next sets of meaningful potential drivers." Abrahams would remain holders of Gilead given its "low-risk" profile and good long-term prospects and would look to add to positions on any dips. But with the stock up 40% from the late-September lows and approaching his fair value of $87, he believes the stock is "more likely to settle in at this new range in the coming year."