UPDATE: Bank of America Upgrades Pall

In a report published Tuesday, Bank of America Merrill Lynch analyst Rafael Tejada upgraded

to Buy from Neutral, maintaining its $98.00 price objective. According to the report, The analyst are positive over the PLL's prospects as its life sciences business remains solid, its key industrial end-markets appear poised to rebound, and cost-cutting initiatives continue to deliver enviable margin expansion. “PLL is in the midst of an extensive restructuring program, and as the macro improves and growth initiatives take hold, we see the opportunity for at least an additional 300bp of margin expansion over the next three years leading to a low to mid-teens EPS CAGR over this same time period,” the report said. “PLL's balance sheet is underleveraged and as the company deploys capital, we see upside to our forecasts from additional M&A and share buyback activity.” The report further asserted that PLL is a cyclical growth stock in the early innings of recovery. Its consumables focused industrial business benefit as the macro outlook improves, and with cost cutting actions in place to boost margins, it is believed that PLL shares can outperform. PLL closed Monday at $82.98.