** Brokerage BofA Global Research upgrades medical device maker Teleflex TFX.N to "neutral" from "underperform"

** Raises price target to $135 from $122, which represents a 14% upside to the stock's last close

** Shares of TFX up 1.5% to $120.17

** BofA says it is less cautious on Teleflex as it sells underperforming businesses, simplifying the portfolio, while buybacks, debt reduction and a more reasonable valuation improve the outlook

** TFX divested three of its businesses last year in a $2.03 billion deal as it sharpens focus on critical care and hospital units

** BofA believes Teleflex's remaining business looks durable because it is more focused on complex coronary procedures and vascular access

** Notes that risks remain, including Teleflex's lack of a permanent CEO, ongoing transition agreements tied to its asset sales and improvement of profits

** Including session's move, TFX stock was down 1.3% YTD