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UPDATE: Bank of America Upgrades Mindray Medical International to Buy; Selloff Creates Opportunity

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Bank of America raised its rating on Mindray Medical International (NYSE: MR) from Neutral to Buy and increased its price objective from $35 to $36.

Bank of America noted, "MR share were sharply down (-8%) in the last trading session due to resurfaced concerns on US business slow down and NA management uncertainty. We upgrade MR to Buy and raise our PO to US$36 as (1) we believe the selloff is overdone and offers buying opportunity as the shares become attractively valued at 15x 2013PE; (2) we believe MR should be able to reaffirm its 2012 guidance and offer benign 2013 forecast next week at a global healthcare conference which could provide support to the share price; (3) Mindray is fundamentally a solid leader in the medical equipment sector with relatively low policy risk as compared with its peers in the China healthcare sector."

Mindray Medical International closed at $30.17 on Wednesday.

Latest Ratings for MR

DateFirmActionFromTo
Jun 2015JMP SecuritiesUpgradesUnderperformMarket Perform
Mar 2015Credit SuisseDowngradesNeutralUnderperform
Mar 2015JMP SecuritiesMaintainsMarket Underperform

View More Analyst Ratings for MR
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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