S&P Equity Research Downgrades Mindray Medical (MR) to Buy
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S&P Equity Research downgrades Mindray Medical (NYSE: MR) from Strong Buy to Buy.
S&P analyst, P. Seligman, says, "Shares are up today on Q1 operating earnings per ADS of $0.23 vs. $0.14, before amortization cost, beating our estimate by $0.03. Revenue surged 48%, more than we expected, on robust growth across the board. We are encouraged by MR's R&D focus and expanding catalog of promising products, and see ongoing benefit from rising government healthcare spending in China and MR's expanding overseas sales and support infrastructure. We raise our target price $3 to $46, on above-peer 1.3X PEG, assuming almost 32% 3-year earnings growth, and a '08 estimate of $1.12, raised today from $1.09."
Mindray Medical International Limited is developer, manufacturer and marketer of medical devices in China.[SM]
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