Piper Jaffray Reiterates Overweight, PT of $29 on Mindray Medical

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Piper Jaffray maintains its Overweight rating and $29 target price on Mindray Medical (NYSE: MR) on incremental positive developments towards China growth. Piper Jaffray says, “Mgmt expressed confidence in China's growth momentum, driven by government-driven county-level build-up/upgrade. MR's recent distribution adjustment (from 1,000 to 700) and sales force reinforcement, as well as key account strategies, all highlight the company's focus to have a better sales execution and extract bundled sales at more efficient level.”MR closed at $26.98 per share on Wednesday.

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