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BofA Starts AaiPharma with 'Buy'

Banc of America initiated coverage of AaiPharma (AAII) with buy and a $25 target.

Analyst David Maris says AaiPharma has made the transition over the past several years from a historically contract-services business model to a specialty pharmaceutical model, primarily through acquisitions of branded products in the areas of pain management and critical care. As a small company making the transition, he expects likely hiccups along the way. However, the stock trades at a 40% discount to the sector average.

Maris will look for further evidence of greater organic growth and less leverage, however, he thinks the magnitude of the stock-price discount accorded to the stock is too severe, and that the earnings estimates are too low.

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