UPDATE: Morgan Stanley Upgrades Sinovac to Equal-Weight on Positive EV71 Lifts - Sinovac Biotech (NASDAQ:SVA)

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In a research report published Wednesday, Morgan Stanley analyst Bin Li upgraded Sinovac Biotech Ltd. (NASDAQ: SVA) to Equal-Weight and raised the price target from $1.40 to $3.40.In the report, Morgan Stanley noted, "Positive results of EV71 clinical studies and lower R&D costs lead us to raise our 2013-14 estimates. SVA may not turn profitable until 2015 – but earnings visibility is clearly better, and risk-reward now looks balanced." Sinovac closed Tuesday at $3.33 and is currently trading down 0.30% since market open hours.

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