UPDATE: Deutsche Bank Raises WuXi PharmaTech's PT

According to a research report published this morning, Deutsche Bank has increased WuXi PharmaTech's

PT from $16 to $17. In the report, Deutsche Bank said, "WX reported another strong quarter, beating street consensus and guidance on top line and EPS. While management reaffirmed guidance for the full year, we think guidance revision is likely in 3Q12 due to 65% and 109% yoy growth in backlogs for service and manufacturing, respectively. We do not foresee operating leverage in the near term due to RMB appreciation and labour cost inflation." Deutsche Bank maintains its Buy rating on WuXi PharmaTech, which closed Friday at $14.68.