UPDATE: Morgan Stanley Downgrades Mindray Medical International As Uncertainties Linger

In a report published Friday, Morgan Stanley analyst Bin Li downgraded the rating on

from Equal-Weight to Underweight, and lowered the price target from $37.00 to $28.00. In the report, Morgan Stanley noted, “We are downgrading Mindray to UW and cutting our PT to US$28, given continued earnings weakness and macro uncertainties. We advise investors to remain on the sidelines before we see clear signals of industry and business improvements.” Mindray Medical International Ltd. closed on Thursday at $28.19.