UPDATE: Bank of America Merrill Lynch Initiates Coverage on Mylan with Overweight Rating

In a report published Monday, Bank of America Merrill Lynch initiated coverage on Mylan (NASDAQ: MYL) with an Overweight rating.

BofA Merrill Lynch noted, “We initiate coverage on Mylan at OW-100%, as we see material yield and promising long-term growth prospects vs. peers within the IG Pharma subsector. Moody's and S&P upgraded Mylan to investment grade last week mainly due to its strong positioning in the generics market and favorable financial policies.”

Mylan closed on Friday at $27.11.

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