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Oppenheimer Maintains Outperform on Mindray Medical (MR), Notes U.S./China Gains

October 5, 2012 11:28 AM EDT
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Price: $5.36 --0%

Rating Summary:
    6 Buy, 17 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Oppenheimer maintained an Outperform rating on Mindray Medical (NYSE: MR) with a price target of $39.00.

"Our recent conversation with management and channel checks suggest that MR is continuing to gain share in the US in both ultrasound and patient monitors," said analyst Ingrid Yin, Ph.D.

However, noted the Oppenheimer report, ShenZhen medical device exports were flat year over year in August. This could be due to other exporters using ShenZhen port.

"We model MR to grow 3Q12 ex-China at 17% yoy. In China, county-level hospital upgrades are driving patient volume increases at double-digit rates as of July 2012. MR should benefit from China's healthcare upgrade process in years to come," said Yin.

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 $34.38 yesterday.


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