Gilead price target lowered to $74 from $76 at RBC Capital

RBC Capital lowered the firm’s price target on Gilead to $74 from $76 and keeps a Sector Perform rating on the shares. The company’s solid quarter, helped by flagship drug Biktarvy in the face of seasonal conerns, may help convince some investors that shares have bottomed out, as its core businesses remain relatively stable and there are more catalysts in the second half of the year, the analyst tells investors in a research note. That said, growth off Gilead’s high revenue base remains challenging, especially with medium-term headwinds to HIV, oncology, and CAR-T, the firm added.