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Goldman Sachs Upgrades Mindray Medical (MR) to Buy on Recent Underperformance

January 11, 2013 9:08 AM EST Send to a Friend
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Price: $31.99 -0.25%

Rating Summary:
    4 Buy, 12 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 13 | New: 28
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Goldman Sachs upgraded Mindray Medical (NYSE: MR) from Neutral to Buy with a price target of $39.60.

The firm comments, "We upgrade Mindray to Buy (from Neutral) after its recent underperformance (-3% vs. 12% sector average since September 24) and improving risk/reward, driven by 1) strong China and emerging markets sales growth (2013E: 20% vs. 25% in 9M12); 2) margin improvement due to higher IVD reagent sales (50% of total IVD sales by end 2013 vs. 37.4% in 3Q12); and 3) our belief that market concerns on its US earnings weakness are overdone. Our new 12-month Director’s Cut-based target price implies 18% upside potential and we see current valuation as a good entry point."

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 $33.72 yesterday.




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