Gilead Sciences, Inc. (NASDAQ:GILD) shares have dipped 22% this past year, as investors are skeptical as to whether the biotech giant’s HCV franchise can ultimately be sustained.

Credit Suisse analyst Alethia Young provides perspective on the firm, reiterating an Outperform rating on shares of GILD, while cutting the price target from $115 to $95, which represents a 21% increase from where the stock is currently trading.

Young explains, “We are lowering our HCV revenues because we think street estimates are still too high considering continued price and market share pressure,” adding that for 2020, the analyst forecasts $9 billion in HCV sales compared to the Street’s estimate of $11 billion.

Considering valuation scenarios placed in the context of “worst case HCV revenues” coupled with the stand-alone HIV business, Young believes “this suggests stock is in some range of a bottom.”

“We are maintaining our Outperform and take a long-term view that at this level any success or greater confidence in pipeline is upside. We see floor values on GILD shares of $60-$70/sh based on HIV value & our thoughts on HCV worst case scenarios,” Young concludes.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, one-star analyst Alethia Young is ranked #3,550 out of 4,163 analysts. Young has a 50% success rate and faces a loss of 2.9% in her yearly returns. When recommending GILD, Young loses 7.0% in average profits on the stock.

TipRanks analytics indicate GILD as a Buy. Based on 17 analysts polled in the last 3 months, 10 rate a Buy on GILD, while 7 maintain a Hold. The 12-month average price target stands at $105.50, marking a nearly 35% upside from where the shares last closed.screen-shot-09-14-16-at-07-03-pm