UPDATE: Bank Of America Upgrades Abaxis

In a report released Monday, Bank of America analyst Erin Wilson upgraded Abaxis (NASDAQ: ABAX) from Underperform to Neutral, while increasing its price objective from $36 to $48.

Analysts at Bank of America see market share expansion with IDEXX Laboratories (NASDAQ: IDXX) limit the selling of its veterinary diagnostic products only to domestic veterinarians rather than through distributors; this was announced to take place January 1, 2015. The move for Abaxis 'competitor will open up opportunities for the company's supply chain in the distribution line.

Bank of America's price objective of $48 per share is supported by current year 2015 EPS of 46.6x multiple and an enterprise value multiple of 22.6x.