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Mindray Medical (MR) Growth Potential Offsets Negatives, Jefferies Reiterates Buy

November 7, 2012 1:56 PM EST Send to a Friend
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Price: $32.01 --0%

Rating Summary:
    5 Buy, 10 Hold, 2 Sell

Rating Trend: = Flat

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Jefferies maintained a Buy rating on Mindray Medical (NYSE: MR) and raised its price target to $36.00 (from $34.00).

Commenting on the company's Q3 report, Jefferies analyst Raj Denhoy said, "MR put up a mixed 3Q with a drastic slowdown in PMLS, a sequential stepback in the margin profile, but in-line non-GAAP EPS."

Denhoy expressed concern about possible deterioration in developed markets, an abrupt CEO change, and a still unresolved supplier dispute. Despite these concerns, the company's growth profile remains "top-tier".

"While we do not expect the stock to return to the sky high premiums realized through the first China HC stimulus run in 2009, we view current valuation as a touch modest given the sustainability of PRC growth and still robust bottom line growth," Denhoy said.

For an analyst ratings summary and ratings history on Mindray Medical click here. For more ratings news on Mindray Medical click here.

Shares of Mindray Medical closed at $31.90 yesterday.




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