West Pharmaceutical initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of West Pharmaceutical (WST) with an Outperform rating and $275 price target The bull thesis on the stock is tied to mix shift in high value components which primarily serves the biologics market where West Pharmaceutical has a roughly 90% participation rate, the analyst tells investors in a research note. Fundamentals in the biologics market are strong, enabling significant margin accretion, the firm added.