UPDATE: Bank of America Raises PO on WuXi PharmaTech After Strong 1Q13 Report

In a report published on Tuesday morning, Bank of America analysts reiterated a Buy rating on WuXi PharmaTech

, and raised the price objective from $20.00 to $23.00. Bank of America noted in the report, "As the leader in the booming pharmaceutical R&D outsourcing industry, with a broad service offering, expanding capacity and a well established and maintained customer base, WuXi is becoming the CRO of choice for western bio-pharma companies. We expect robust growth in 2013-14, driven by healthy growth in core lab services, expansion in service offerings, contribution from the Vertex contract and toxicology facility." WuXi PharmaTech currently trades at $20.57.