UPDATE: China International Capital Reiterates Buy Rating, Raises PT for Mindray

In a report published earlier today, China International Capital Corporation Limited reiterated its Buy rating for Mindray Medical International Limited

and raised its price target from $31.50 to $35.00. CICC went on to say “In 1Q, Mindray acquired a controlling stake of Hangzhou Optcla Medical Instrument, a domestic medical endoscope producer that specializes in rigid endoscopes and related surgical instrument and consumables. The new addition will allow Mindray to tap into the fast growing minimally invasive and digitalized operating equipment market. The Chinese and international endoscopes market sizes were estimated to be ~US$240mn in 2010 (CAGR close to 15%) and ~US$2.6bn in 2011 (CAGR of 5%).” Mindray Medical International Limited closed yesterday at $31.60.