Jefferies Downgrades Mindray Medical (MR) to Hold

March 6, 2013 6:59 AM EST Send to a Friend
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Price: $31.03 +0.16%

Rating Summary:
    4 Buy, 12 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 25 | New: 16
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Jefferies downgraded Mindray Medical (NYSE: MR) from Buy to Hold but raises its price target from $36 to $43.

The firm comments, We are downgrading shares of MR from Buy to Hold. While results, particularly out of China, remain strong, higher spending is hampering margin gains. The U.S. business has been less than stellar and FDA warning letters and SEC inquiries remain open-ended risks. Despite these challenges, the company’s valuation has hit a 2-year high. With limited upside to estimates and full valuation, we are moving to the sidelines."

The firm raised FY13 EPS from $1.79 to $2.03 and FY14 from $2.00 to $2.29.

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 $38.60 yesterday.




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