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 Posted: Wed 7:16, 23 Feb 2011 Post subject: WuXi PharmaTech Climbs as Goldman Starts Coverage |
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Shares of WuXi PharmaTech Cayman Inc. rose Thursday after a Goldman Sachs analyst started coverage of the stock with a "Buy" rating,[link widoczny dla zalogowanych], and placed WuXi on a list of recommended stocks.
Profits should keep growing over the next two years for the Shanghai-based research and development outsourcing company, said analyst Wei Du. Du said WuXi is in a better competitive position than its rivals, and China may become a top research outsourcing market for drugmakers in developing countries.
He put the stock on the "Conviction Buy List," and WuXi shares gained $1.25, or 10.3 percent,[link widoczny dla zalogowanych], to $13.40 in afternoon trading.
Du said laboratory service revenue should keep growing,[link widoczny dla zalogowanych], while the toxicology service and manufacturing service businesses have good potential over the coming years.
"We see strong potential for growth in WuXi's manufacturing business in the long term,[link widoczny dla zalogowanych], given its reputation and service quality,[link widoczny dla zalogowanych]," he wrote.
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