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Analysts at Bank of America Corp. began coverage on shares of Evotec AG (NASDAQ:EVTC) in a research report issued to clients and investors on Monday, Analyst Ratings Network reports. The firm set a “buy” rating on the stock.

The analysts wrote, “Evertec offers payment processing, merchant acquiring, and outsourcing solutions in the Caribbean and Latin America. We rate EVTC a Buy given the company’s market-leading position in Puerto Rico, growth opportunities in Latin America, and prospective margin expansion. From 2012-2015E, we forecast revenue and adjusted EPS to grow at 7% and 19% CAGRs, respectively. We base our $25 price objective on 14x our 2014E adjusted EPS of $1.72. Our target multiple is a slight premium to processing peers, which trade at an average 13x consensus 2014E, due to the faster near-term EPS growth we forecast for EVTC.”

Shares of Evotec AG (NASDAQ:EVTC) traded down 0.04% on Monday, hitting $23.10. 207,141 shares of the company’s stock traded hands. Evotec AG has a 1-year low of $19.11 and a 1-year high of $25.67. The stock has a 50-day moving average of $24.32 and a 200-day moving average of $22.22. The company has a market cap of $1.892 billion and a price-to-earnings ratio of 106.50.

Evotec AG (NASDAQ:EVTC) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.35 earnings per share for the quarter. The company had revenue of $89.20 million for the quarter, compared to the consensus estimate of $84.40 million.

A number of other analysts have also recently weighed in on EVTC. Analysts at Deutsche Bank raised their price target on shares of Evotec AG (NASDAQ:EVTC) from $25.00 to $28.00 in a research note to investors on Friday, August 9th. Separately, analysts at Credit Suisse raised their price target on shares of Evotec AG (NASDAQ:EVTC) from $25.00 to $27.00 in a research note to investors on Friday, August 9th. They now have an “outperform” rating on the stock. Finally, analysts at UBS AG raised their price target on shares of Evotec AG (NASDAQ:EVTC) from $27.00 to $28.00 in a research note to investors on Thursday, August 8th. They now have a “buy” rating on the stock.

One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $27.00.

Evotec AG is a Germany-based parent company of the Evotec group, which is engaged in drug discovery and development company focused on providing integrated drug discovery services and alliances to the pharmaceutical and biotechnology industry.

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