Gilead Sciences (NASDAQ:GILD) stock is a hot topic on Tuesday as a new price prediction builds enthusiasm among investors.
BMO Capital Markets analyst Evan David Seigerman is behind today’s news, increasing the firm’s price target for GILD stock from $90 per share to $100 per share. That represents a potential 27.5% upside from its prior close. It’s also above the analyst consensus price prediction of $91 per share for GILD.
To go along with that, the BMO Capital Markets analyst also upgraded GILD stock from a “market perform” rating to an “outperform” rating. For comparison, the consensus rating for GILD is “moderate buy.”
Why the Bullish GILD Stock Rating?
Here’s what BMO said in a note to clients obtained by CNBC:
“Simply put, Gilead has the best cell therapy manufacturing capabilities vs. competition from Novartis and Bristol. When comparing the three, Gilead is not supply constrained, able to meet increasing demand for Yescarta and Tecartus.”
Seigerman’s stance on GILD stock is an argument in favor of the company. Investors could benefit from gains if the stock performs as he and BMO expect. Now also might be a good time to take a stake as shares are down 7.4% year-to-date (YTD). They’ve also only increased slightly after the firm’s note as of Tuesday morning.
There’s more stock market news traders will want to know about below!
We’ve got all of the biggest stock market stories investors will want to read about on Tuesday! That includes why shares of Seagen (NASDAQ:SGEN), Troika Media (NASDAQ:TRKA) and Horizon Therapeutics (NASDAQ:HZNP) stock are in the news today. You can catch up on all of this news at the following links!
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- HZNP Stock Alert: Why Is Horizon Therapeutics Plunging Today
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.