) from Outperform to Neutral, and lowered its price target from $34.00 to $32.00. Credit Suisse noted, “We learned from Mindray's management that there is potentially a major restructuring of Mindray's North America personnel. Combined with the negative impact of Mindray's voluntary recall and the FDA's warning letter issued on 19 November 2012 (which has not yet brought down Mindray's stock price meaningfully), this may lead to lower sales than consensus estimates...Our positive view on Mindray's long-term growth potential remains intact, but now, with Mindray's main near-to-medium term investment thesis switched from US sales ramp-up to IVD sales in China, we expect some investors to take profits after the 26% increase in 2012. We downgrade the stock to NEUTRAL and reduce our target price to US$32 based on 17x 2013E EPS.” Mindray Medical International Ltd. closed on Tuesday at $33.01.