Citi Says Buy Mindray (MR)

Citi Investment Research has a Buy rating on shares of Mindray Medical International Limited

and a $36 price target, after it attended a conference in China at which MR appeared. In the research note sent to its clients, Citi writes, "Mindray's MRI is a permanent magnet-based product that targets mid to low end of the market. Mindray's MRI product features high field strength 0.36T that could provide higher quality of imaging. While the price is not disclosed, we believe that Mindray will price competitively vs the industry average of Rmb5m for low to mid-end MRIs. The product is expected to be approved by sFDA by YE 2010." Shares of MR closed at $31.10, a gain of 97 cents or 3.2%.