UPDATE: Morgan Stanley Reiterates On WuXi PharmaTech As Strong Growth Remains Intact

In a report published Friday, Morgan Stanley analyst Bin Li reiterated an Overweight rating on

, but removed the $45.00 price target. In the report, Morgan Stanley noted, “WX's share price dropped 9% yesterday – in our view, the market has overreacted to its 1Q14 results that contained FX losses. 1Q14 non-GAAP EPS of $0.40 excl. FX impact and other gain beat our est. by 7% due to better sales and margins. Mgmt raised its 2014 bottom-line guidance by $0.05 on higher sales growth and improved productivity. We believe the stock is attractive, trading at 16x 2014e EPS. Reiterate OW.” WuXi PharmaTech closed on Thursday at $33.05.