UPDATE: Oppenheimer Reiterates Mindray Medical at Outperform and raises PT to $45 on Prosperous 4Q12 Revenue Growth
Oppenheimer published a report that reiterated Mindray Medical (NYSE: MR) with an Outperform rating and raised the price target from $39 to $45.
Oppenheimer reported that, “West Europe's 4Q 30% growth is impressive and validates our thesis that austerity favors MR. Margin stability and significant cash flow improvement are both encouraging. We expect 2013 to be another high growth year and believe the stock deserves a higher multiple now that it showed margin stability. Therefore, we raise our PT from $39 to $45.”
Mindray Medical shares closed at $37.70 on Tuesday.
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