J.P. Morgan Maintains Overweight on Gilead Sciences (GILD)

J.P. Morgan is out with its report today on Gilead Sciences GILD, maintaining Overweight. In a note to clients, J.P. Morgan writes, "Overall, we found 1Q results disappointing with uncertainty around the HIV business. That said, there are major pipeline events that are less than three months away (IAS meeting in July; Truvada/TMC PDUFA: 8/10; data from two QUAD phase 3 trials in 3Q/4Q). These directly address Gilead's terminal value and concerns over the duration of its HIV franchise, and at current valuation (<9X 2012; peers: 11X) they are largely not factored in. We are maintaining our Overweight rating on GILD shares, still our top pick for large-cap biotech in 2011." J.P. Morgan maintains a $45 PT on GILD. At the time of posting, shares of GILD were trading pre-market at $39.76, down 2.50% from Wednesday's close.