Barclays analyst Geoff Meacham remains bullish on drug maker Gilead (GILD) - Get Report despite its recent disappointing first quarter and management's failure to implement a profitable strategy.

Shares of the Foster City, CA. biopharmaceutical firm are lower by over 10% year-to-date. 

However, Meacham remains bullish on Gilead with a 12-month price target of $85, suggesting a 33% upside for the shares.

"Gilead continues to look for the right deal (vs. just any deal), one that would provide an asset or platform capable of establishing a leadership position," Meacham wrote. "Management noted that it remains focused on the long-term, sustainable option rather than a short-term fix."

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