Oppenheimer Outperform on Mindray
Oppenheimer & Co. is out with a research report on Mindray (NYSE: MR) and it has an Outperform rating on shares.
In a note to clients, Oppenheimer & Co. writes, "We view MR as a dominant key player in China's medical device industry. We think MR will grow on the back of US recovery, continuing high demand from emerging markets and pick-up of domestic demand. Our analysis of ShenZhen export data and Mindray's positive 1Q11 results convinced us that MR has successfully leveraged its Datascope investment. We believe MR's investment on sales and marketing and R&D will pay back and drive future revenue growth. With the stock trading at ~16 our FY11 and ~14x our FY12 non- GAAP diluted EPS estimates of $1.56 and $1.78 on an ex-cash basis, we think MR is undervalued as we estimate its 2010-2012 revenue CAGR to be 18%."
Shares of MR are up 51 cents to $24.12.
