Gilead Sciences (GILD) Touches New Record High as 10 Analysts Turn Bullish

We recently published 10 Stocks with Eye-Popping Gains; 5 Jump to New Highs. Gilead Sciences, Inc. (NASDAQ:GILD) is one of the best-performing stocks on Friday.

Gilead Sciences jumped to a new all-time high on Friday as investors cheered its impressive earnings performance in the second quarter of the year, alongside bullish ratings and price targets from 10 investment firms.

Based on its updated report, Gilead Sciences, Inc. (NASDAQ:GILD) grew its attributable net income by 22.5 percent to $1.96 billion from $1.6 billion in the same period last year, while revenues inched up by 1.88 percent to $7.08 billion from $6.95 billion year-on-year.

In the first half, the company swung to an attributable net income of $3.275 billion from a $2.5 billion net loss in the same comparable period. Revenues, however, were flat at $13.7 billion.

Following the results, 10 analysts went bullish for Gilead Sciences, Inc. (NASDAQ:GILD), giving the latter “buy” and “overweight” ratings, alongside higher price targets.

Among the highest to rate, Morgan Stanley raised its price target to $143 from $135; BofA Securities at $140 versus $126; BMO Capital with $130 versus $120; and JPMorgan at $135 versus $130.

Other firms such as RBC, TD Cowen, Goldman Sachs, Baird, UBS, Truist Securities, and Oppenheimer, also assigned bullish ratings for the stock.

For the full-year period, Gilead Sciences, Inc. (NASDAQ:GILD) increased its product sales growth forecast to a range of $28.3 billion to $28.7 billion, versus the $28.2 billion to $28.6 billion previously. Diluted EPS was also upgraded to $5.85 to $6.15 from the $5.65 to $6.05 prior.