UPDATE: Oppenheimer Raises PT on Gilead Sciences to $46

Oppenheimer is out with its report today on Gilead Sciences GILD, raising its PT from $45 to $46. In a note to clients, Oppenheimer writes, "With regard to new fixed-dose combinations, GILD is preparing for the Btripla launch and we expect US/EU approvals in 2H11. More importantly, we remain focused on the two upcoming ph.III QUAD readouts, with results expected in 3Q11. As we continue to expect positive results from these trials and solid 2H11 HIV franchise growth, we would position in GILD. Adjusting price target to $46 (prior $45) on minor estimate revisions." Shares of GILD closed Tuesday at $42.16, down 1.13% from Monday's close.