UPDATE: Canaccord Genuity Raises PT to $3.75 on China Kanghui Holdings on Acquisition

Canaccord Genuity maintained its Buy rating on China Kanghui Holdings

and raised its price target from $23.50 to $30.75. Canaccord Genuity noted, "We maintain our BUY rating on the news that Medtronic has agreed to acquire China Kanghui for $755M net or approximately US$30.75 per ADR), which equates to ~13.3x TTM revenues. The acquisition comes right as China Kanghui's new product cycle and push into the total joint replacement market begins. Medtronic management noted the acquisition is expected to close within the next several months. We look to gain additional information related to the details of the acquisition prior to making any rating changes or decisions that higher offers are not forthcoming." China Kanghui Holdings closed at $25.11 on Thursday.