Oppenheimer Reiterates WuXi PharmaTech Outperform (WX)

Oppenheimer reiterated its WuXi PharmaTech WX Outperform rating in a research report published today. Oppenheimer has previously given WuXi PharmaTech a $20 price target.

In the report, Oppenheimer states, "WX continues to impress the Street with stellar performance and strong guidance. First-time 2011 revenue and operating income guidance not only met/exceeded Street expectations, but also beat internal guidance once viewed as "ambitious." We are further encouraged by WX's strategic partnership with BMY on analytical testing for global dossier filing, underscoring MNCs' evolving strategic outsourcing shift to China. We expect WX's continued investment in additional value-add service capabilities to support its long-term revenue growth and sustain margins, keeping the company ahead of the competition."

Shares of WuXi PharmaTech closed Wednesday at $16.87, up 5.77% from Tuesday's market close.