UPDATE: Bank of America Upgrades Mindray Medical International to Buy; Selloff Creates Opportunity

Bank of America raised its rating on Mindray Medical International MR from Neutral to Buy and increased its price objective from $35 to $36. Bank of America noted, "MR share were sharply down (-8%) in the last trading session due to resurfaced concerns on US business slow down and NA management uncertainty. We upgrade MR to Buy and raise our PO to US$36 as (1) we believe the selloff is overdone and offers buying opportunity as the shares become attractively valued at 15x 2013PE; (2) we believe MR should be able to reaffirm its 2012 guidance and offer benign 2013 forecast next week at a global healthcare conference which could provide support to the share price; (3) Mindray is fundamentally a solid leader in the medical equipment sector with relatively low policy risk as compared with its peers in the China healthcare sector." Mindray Medical International closed at $30.17 on Wednesday.