UPDATE: JP Morgan Raises PT on Gilead Sciences from $45 to $50

J.P. Morgan has published a research report on Gilead Sciences GILD raising the price target. In the report, J.P. Morgan wrote, "Gilead reported solid 2Q results with non-GAAP EPS of $1.00, ahead of JPMe/cons estimates of $0.99 with total product revenues growing 11% y/y to $2.04B (cons: $1.99B). Going into 2Q, there was a lot of anxiety about the risk of lowered guidance (2011 guidance was unchanged) and further uncertainty from the disbursement and use of ADAP funding from several key states (ADAP funding looks intact in 3Q). Hence, we think that GILD shares will react favorably following 2Q results." J.P. Morgan rated Gilead Overweight with a price target raised from $45.00 to $50.00. Gilead closed Tuesday at $42.16.