UPDATE: Bank of America Downgrades Abaxis to Underperform, Lowers PT on Growth Concerns, Valuation

In a report published Friday, Bank of America analyst Erin E. Wilson downgraded the rating on Abaxis ABAX from Neutral to Underperform, and lowered the price target from $36.00 to $35.00. In the report, Bank of America noted, “ABAX's shares have increased 11% off of a low in December (vs. +4% S&P 500), despite a string of disappointing earnings reports, recent management turnover, and less traction from its expanded MWI Veterinary Supply distribution relationship. With the stock at a higher value, despite limited clarity on its future growth, we are lowering our rating to Underperform (from Neutral). We are also cutting our 2015E EPS to $0.90 (from $0.95) to reflect a lower contribution from MWI and an evolving competitive landscape that appears increasingly unfavorable for ABAX. Our PO moves to $35 (from $36).” Abaxis closed on Thursday at $39.15.