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Oppenheimer remain bullish on Gilead Sciences , HIV agents in 24/25 could provide conviction to investors

Published 03/09/2024, 02:26 AM
©  Reuters

Oppenheimer maintained its bullish view on Gilead Sciences (NASDAQ:GILD) in a note Friday, keeping an Outperform rating and $105 price target on the stock.

The firm met with the Gilead (GILD) CFO, investor relations, and investors at a non-deal roadshow on March 6.

They said the overall tone of the meeting was positive, as investors probed the company's recent foray into liver diseases, oncology growth expectations and the HIV business's long-term potential.

"With oncology (~11% of FY23 revenues) growing double-digits, investors focused on the consistent revenue growth from HIV well into the 2030s," said Oppenheimer.

"Our modeling of the HIV business' earnings through 2033 indicates that the business could be worth 50-100% more than current levels," analysts added.

Furthermore, analysts believe key pipeline updates for long-acting HIV agents in 2024/25 could provide conviction to investors.

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