Jefferies analyst Michael Yee says that while Gilead Sciences last night didn’t report the best quarter, the turnaround thesis remains unchanged. The results won’t prove the thesis to bears, but Gilead’s turnaround is underway and should play out over the next four quarters, Yee tells investors in a post-earnings research note. The stock, trading at an 11-12 times price-to-earnings ratio, is “cheap” and the worst is mostly behind the company, Yee adds. He keeps a Buy rating on Gilead with a $95 price target.
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