Oppenheimer Reiterates Outperform Rating, $39 PT on Mindray Medical International

In a report published Monday, Oppenheimer reiterated its Outperform rating and $39.00 price target on Mindray Medical International Ltd. MR. Oppenheimer noted, “Shenzhen Medical Device export data showed 4% yoy growth in November, compared with 12% in October. B&W ultrasound and anesthesia machines stayed robust, growing 33% and 45%, respectively. Weakness mostly stems from the 10% decline in patient monitors. If using September, October and November data together, ShenZhen medical device grew 7.5%, compared with 4.8% in the previous quarter, showing signs of recovery. Considering strong emerging market demand, despite uncertainties in the US and Europe we still hold an 11% ex-China growth estimate for MR's 4Q12.” Mindray Medical International Ltd. closed on Friday at $33.01.