Goldman Sachs Upgraded Mindray Medical (MR) to Conviction Buy
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Goldman Sachs upgraded Mindray Medical International Limited (NYSE: MR) from Neutral to Buy and adding the stock to their Conviction Buy List. The firm set a $40.90 price target, representing 41% upside potential. The firm said the 17% share price underperformance vs. S&P 500 since Nov. 9 is unwarranted.
The firm commented, "We expect: 1) MR to maintain its leading position in China's medical device industry with a sales CAGR of 22% over 2009-2011; 2) government tenders to further strengthen into 2011 due to massive hospital infrastructure expansion, which offers a strong basis for domestic sales growth; 3) its sustainable cost advantage to facilitate its recovery in international sales (46% of 2010E total sales)."
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