Teleflex (TFX) could be the next re-rating story, with its growth prospects, new leadership and potentially improved execution not fully reflected in its share price, BofA Securities said in a note Monday.

The investment firm expects headwinds from the integration of Teleflex's interventional business to ease, while sales of Ezplaz free dried plasma could help drive growth for Vascular. Share buybacks and debt reduction could also support significant earnings growth, the firm added.

Chief Executive Jason Weidman, who joined in June, could improve sales performance and build investor confidence in the company's progress on supply chain and quality aspects, according to the note.

Execution risks surrounding the Biotronik integration and planned divestitures are increasingly reflected in the stock's valuation, BofA said, adding that Biotronik's assets give Teleflex an opportunity to sell additional products to its existing access customers.

BofA Securities upgraded Teleflex to buy from neutral, and raised its price target to $158 from $145.

Shares of Teleflex were up 3.1% in Monday trading.

Price: 125.85, Change: +3.78, Percent Change: +3.09