UPDATE: Jefferies Raises PT on WuXi PharmaTech on Strong 2013 EPS

In a report published Friday, Jefferies reiterated its Buy rating on WuXi PharmaTech WX, and raised its price target from $17.00 to $21.50. Jefferies noted, “WX closed 2012 with strong momentum (EPS of $0.38 beat by 8c) and provided 2013 EPS guidance 5% above consensus. We are raising our PT to $21.50 (24% upside), or 13x our 2014E EPS (peers trade at 16x). The stock is the cheapest in the group at 10.4x 2014E EPS. Guidance shows slower EPS growth than peers, but WX has been a consistent EPS outperformer. WX should continue to rise on both EPS growth and some multiple expansion.” WuXi PharmaTech closed on Thursday at $17.30.