Buy WuXi PharmaTech (WX) on Sell-Off, BofA/Merrill Lynch Says

BofA/Merrill Lynch analyst Serena Shao reiterated a Buy rating and $43 price target on WuXi PharmaTech (NYSE: WX) saying the sell-off following solid Q1 results creates a buying opportunity.

Shao said, "The stock got sold off after earnings report due to concerns on FX contracts losses. We believe this creates a buying opportunity for the company as the stock currently trading at 16x FY14E PE, which is 20% discount to HK/China healthcare peers and its US CRO peers."

For an analyst ratings summary and ratings history on WuXi PharmaTech click here. For more ratings news on WuXi PharmaTech click here.

Shares of WuXi PharmaTech closed at $33.05 yesterday.

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