J.P. Morgan Adding Gilead Sciences To Focus List

J.P. Morgan Chase & Co. is out with a research report on Gilead Sciences GILD and is adding it to the Focus List. It has an Overweight rating and a $50 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "We are adding Gilead to the J.P. Morgan Analyst Focus List and retaining our Dec 2012 PT of $50 (34% upside from current levels). GILD shares haven't recovered from recent market volatility despite two fundamentally de-risking events (Complera approval last week, positive QUAD phase 3 data yesterday). In our view, current valuation (~30% discount to peers at 8X) doesn't reflect the opportunity from the QUAD (launching late 2012) or Complera (already launched)." Shares of GILD lost 16 cents yesterday to close at $37.27.