UPDATE: Bank of America Reinstates Coverage on Pearson PLC with Buy Rating, $22.22 PT on Good Upside Potential

In a report published Friday, Bank of America analyst Ruchi Malaiya reinstated coverage on

with a Buy rating and $22.22 price target. In the report, Bank of America noted, “We see Pearson as uniquely positioned as a global educational publishing and services provider and believe the market underestimates the importance of Pearson's strong salesforce relationships and improving student penetration in supporting a successful transition to digital in US Higher Education. In the meantime w e see focus shifting to the potential cyclical rebound in US Schools and Emerging Market growth opportunity, which we expect to support strong EPS growth over the next five years.” Pearson PLC closed on Thursday at $18.16.