UPDATE: Credit Suisse Upgrades WuXi PharmaTech to Outperform on Growth Drivers
Credit Suisse raised its rating on WuXi PharmaTech (NYSE: WX) from Neutral to Outperform and increased the price target from $14 to $18.
Credit Suisse noted, "We believe the market under- appreciated WuXi's potential upside from its core growth drivers: (i) Vertically integrated service offerings could benefit more than expected; (ii) Manufacturing business will be scaled-up driven by robust pipelines (four customer drugs move into commercial stage); (iii) Biologics business is on the rise in China, first mover to capture most value (pioneer in setting JV with MNCs such as the AstraZeneca-MedImmune deal)."
WuXi PharmaTech closed at $13.94 on Wednesday.
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