Zacks Investment Research downgraded shares of Gilead Sciences Inc. (GILD) from OUTPERFORM to NEUTRAL on September 25, 2013, with a target price of $66.00.
Gilead's second-quarter 2013 adjusted earnings of $0.48 per share were in line with the Zacks Consensus Estimate. Earnings were above the year-ago figure by a penny. Revenues climbed 15% to $2.77 billion, beating the Zacks Consensus Estimate of $2.68 billion. The increase in total revenue was attributable to higher product sales. We are also encouraged by the strong sales of Complera/Eviplera, which together with Stribild has further fortified the HIV franchise at Gilead. Moreover, HCV candidate, sofosbuvir currently under FDA review, holds great promise. However, we believe the current price reflects all the positive news and are reverting to a Neutral recommendation on the stock.
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