Nomura Securities Maintains a 'Buy' on Mindray Medical (MR); Q3 Review

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

Nomura analyst, Gideon Lo, said, "Sales showed stronger growth of 35% y-y in the domestic market and 26% y-y in international, implying Mindray's improved long-term competitiveness in the market. Non-GAAP net income grew 8% y-y to USD43m, which is below our expectation of US$48m due to lower-than-expected gross profit margin (2Q11's 57% to 3Q's 54.9%) and higher-than-expected G&A expenses. Management keeps its net profit growth target at 10%+ and raises sales growth target from 16% to 20% y-y in 2011. BOD also approved a USD100m share repurchase plan."

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 $28.06 yesterday.

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