UPDATE: Bank of America Initiates Coverage on West Pharmaceutical Services Ahead of Multiple Delivery System Launches

In a report published Tuesday, Bank of America analyst Rafael Tejada initiated coverage on

with a Buy rating and $50.00 price target. In the report, Bank of America noted, “We are positive on West as the company is launching several novel drug delivery systems that we believe are likely to see solid adoption as they address key challenges faced by healthcare customers today. Moreover, favorable market trends, including a growing demand for biological drugs and vaccines as well as exposure to top therapeutic areas, should help accelerate the company's sales growth and drive margin expansion over the next few years.” West Pharmaceutical Services closed on Monday at $39.88.