Gilead price target raised to $95 from $92 at RBC Capital

RBC Capital raised the firm’s price target on Gilead (GILD) to $95 from $92 and keeps a Sector Perform rating on the shares. The firm is updating its model based on its 2022 patient survey to gauge how perceptions of lena among high-risk individuals on/off PrEP may have changed following phase 3 data and approaching potential launch, citing high clinician engagement, lower-than-expected oral adherence, and consideration of switching among current PrEP users could all facilitate growth even with some Descovy cannibalization, the analyst tells investors in a research note.