UPDATE: Credit Suisse Upgrades WuXi PharmaTech to Outperform on Growth Drivers

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Credit Suisse raised its rating on WuXi PharmaTech
WX
from Neutral to Buy and increased its 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.
Posted In: Analyst ColorUpgradesPrice TargetPre-Market OutlookAnalyst RatingsCredit Suisse
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