NEW YORK (TheStreet) -- Shares of Gilead Sciences (GILD) - Get Report were rising in early afternoon trading on Tuesday as Jefferies said the current volatile environment ahead of the U.S. presidential election "presents attractive buying opportunities" for shares of Gilead.
"While we acknowledge hepatitis C numbers are likely still too high, we believe at current 2.5 year lows Gilead's valuation more than bakes this in," the firm said.
With Gilead's "solid" HIV business, Jefferies added that any positive pipeline events in the near term could boost shares.
The firm noted that future healthcare policy changes will mostly likely be unfavorable for biotech companies.
Jefferies has a "buy" rating and $93 price target on Gilead shares.
Additionally, Baird lowered its price target to $100 from $120 on the Foster City, CA-based biotech company's stock earlier today with an "outperform" rating, Barron's reports.
Following an analysis of hepatitis C prescription sales in the U.S., Baird said consensus estimates for 2016 third quarter hepatitis C drug sales are too high, and are "setting [Gilead] up for another miss."
Wall Street is looking for $3.68 billion in global hepatitis C sales for the period, the firm notes. But Baird projects $1.76 billion in U.S. hepatitis C sales.
The consensus estimate for worldwide sales is not likely "without some outsized contribution by ex-U.S. growth," Baird said, Barron's notes.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: GILD