Oppenheimer Has $18.50 Target On WuXi PharmaTech (WX)

Oppenheimer & Co. has an Outperform rating on WuXi PharmaTech (Cayman) Inc. WX, with a $18.50 price target, as it hosted WX at an NDR. In the research note, Oppenheimer writes, "Key takeaways include: 1) China's CRO industry will continue to grow at double-digits, driven by the rising global outsourcing trend shifting to China. WX stands to benefit as an industry bellwether with a high-quality, integrated service offering. 2) Upwardly-revised 2010 guidance appears deliverable. 3) Telaprevir remains a strong revenue and margin driver for 2011, likely leading to upside to our estimates. 4) OECD's GLP-certification was an important milestone for WX's GLP-tox business, though ramp-up may take 12 months. 5) There is a good chance WX can meet/beat Street's 2011 consensus." Shares of WX gained 10 cents to close at $15.78, a gain of 0.64%.