Deutsche Bank initiated Gilead at Buy and Amgen at Hold. I hold both stocks although my position in Gilead is significantly larger. The analyst put a $42 price target on GILD and a $57 price target on AMGN using a discounted cash flow analysis.
For some odd reason the analyst used an 8.5% discount rate on Gilead and a 9.4% discount rate on Amgen even though Amgen is the larger company with a more diversified revenue stream. This is a glaring inconsistency where the analyst tweaks his/her spreadsheet in order to back their view. I find most analysts do this.