UPDATE: Bank of America Initiates Coverage on Abaxis

Bank of America has published a report on Abaxis ABAX initiating coverage of the company. In the report, Bank of America wrote, "We initiate coverage of Abaxis (ABAX) with a Neutral rating and a $30 price objective. ABAX is a leading manufacturer of point-of-care diagnostic equipment, participating in both animal and human health care settings. It should benefit from a rebounding veterinary market, an entrance into veterinary reference laboratory services, and a sizeable human medical opportunity, but its fragmented distribution network and less extensive market share presence limits upside to its five-year compounded annual EPS growth rate of +10%, in our view." Bank of America rated Abaxis a Neutral with a price target of $30.00. Abaxis closed Monday at $28.44.