JPMorgan analyst James Gordon upgraded Grifols to Overweight from Neutral and raised his price target for the shares to $22.50 from $21. Sales growth and margin expansion will drive a re-rating in the shares, Gordon tells investors in a research note. The analyst believes Grifols' sales growth and profitability are at an inflection point. Further, consensus expectations are achievable, the company's competition more distant, and its valuation is undemanding, according to Gordon. He believes the company can achieve low double digit EBITDA and mid-teens earrings growth over the medium-term.