Piper Jaffray Reiterates Overweight on Mindray Medical (MR)

Piper Jaffray is out with a research report this morning, where it reiterates is Overweight rating on Mindray Medical

; it has a $34.00 price target on the stock. The PJ analysts noted that September China customs medical device export data surprised analysts with overall weakness in all three categories. The data suggests that the year over year growth from the port in the third quarter may experience a significant deceleration from Q1 and Q2, which could lead to investor caution on MR's ex-China sales trend for the second half of 2010, especially in light of a tough comp. The analysts said, “We caution investors against over-interpreting data from a single month due to the monthly fluctuations we have seen in the past. Mindray has indicated that customs export data has limited correlation, if any, with their ex-China sales, even on a quarterly basis.”