Raymond James upgraded GILD to "outperform"
Shares of drugmaker Gilead Sciences, Inc. (NASDAQ:GILD) are up 2% in pre-market trading, after Raymond James upgraded the stock to "outperform" from "market perform." According to the the brokerage, GILD -- one of Schaeffer's top 2024 picks -- has support over the next five years from two key drug candidates that could increase revenue growth.
Overall, analysts are pessimistic towards toward the security, with 14 of 24 covering firms recommending a "hold," and the stock's average 12-month price target stands at $81.93, which is a 22.9% premium to Friday's close. This leaves room for analysts to follow Raymond James' lead.
Gilead Sciences stock has had a lackluster year on the charts, down 17.7% in 2024. At the end of May, the security touched its lowest level since October 2022, but the pullback was saved by the $62 level. Today, GILD is chipping away at its 12.5% year-over-year deficit.