UPDATE: Oppenheimer Raises PT to $30.75 on China Kanghui Holdings Following Deal

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Oppenheimer reiterated its Outperform rating on China Kanghui Holdings (NYSE: KH) and raised its price target from $26 to $30.75Oppenheimer commented, "Medtronic announced its intent to acquire KH for $816M ($30.75/ADS), a 22.5% premium over KH's close price yesterday. The price implies 27.6x KH's FY13E EPS. KH has been one of the most rewarding investments for investors who believe in the growth potential in China healthcare industry. KH IPO'd on 8/10/2010 at $10.25, so MDT's take-out price represents 200% return vs. S&P500's 29% during the same period. We believe the deal is likely to close and raise PT from $26 to $30.75."China Kanghui Holdings closed at $25.11 on Thursday.

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