UPDATE: Piper Jaffray Upgrades Gilead Sciences to Overweight

Piper Jaffray is out with its report today on Gilead Sciences GILD, upgrading GILD from Neutral to Overweight. In a note to clients, Piper Jaffray writes, "The deal with J&J for Prezista in our opinion is the first of many, with the two companies already negotiating deal for Prezista + Emtriva and GS 7340 and cobicistat - a new once daily HIV combination pill. We believe this once daily combination HIV pill, combined with Btripla and the Quad pill, should enable Gilead to offset the impact of the HIV patent cliff in 2019-2020. As a result, we are upgrading GILD to Overweight from Neutral and raising our price target to $53 from $42." Shares of GILD closed Tuesday at $40.95, up 1.92% from Monday's close.