UPDATE: Jefferies Assumes Coverage On Mindray Medical International Ltd. On Moderate Growth Prospects

In a report published Thursday, Jefferies analyst Jessica Li assumed coverage on

with a Hold rating, but lowered the price target from $36.00 to $32.00. In the report, Jefferies noted, “Mindray is a leading Chinese medical equipment company with diversified product offerings and geographic coverage. We believe heavy investments are necessary to drive moderate top-line growth while leading to continuous operational deleveraging. However, potential share buybacks could provide cushion to EPS growth. We forecast that Mindray will deliver 3-year sales and EPS CAGR of 13% and 16%, respectively. Assume coverage with HOLD and US$32 PT.” Mindray Medical International Ltd. closed on Wednesday at $31.00.