Nomura Securities Reiterates a 'Buy' on Mindray Medical (MR); Q3 Preview

Nomura Securities reiterates a 'Buy' on Mindray Medical (NYSE: MR) price target of $34.00.

Nomura analyst, Gideon Lo, said, "Mindray is going to announce its 3Q11 results on 7 Nov. We expect quarterly sales and non-GAAP net income to be on track to achieve the firm’s annual growth target of >16% and >10% y-y in 2011, with possible surprise on the upside. The latest customs statistics show that China’s medical device export continued solid growth in 3Q11 despite the risk of possible market demand slowdown in some developed countries amid economic uncertainties. We reiterate our long-term positive view on Mindray and expect resumption of c.20% sales and profit growth in 2012."

For more ratings news on Mindray Medical click here and for the rating history of Mindray Medical click here.

Shares of Mindray Medical closed at $27.30 yesterday.

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