UPDATE: Goldman Sachs Maintains Neutral, Raises PT to $26.90 on Mindray Medical
Goldman Sachs reiterates its Neutral rating on Mindray Medical (NYSE: MR) and raises its price target to $26.90 from $24.50 on stronger sales.
Goldman Sachs says, "We raise our revenue forecasts by 1.5%/5.1%/5.5% in 2011E-2013E following Mindray's preannouncement of 2011 revenue and 2012 guidance to reflect stronger-than-expected sales growth in diagnostic and imaging segments driven by new product addition. We raise our EPS estimates by 0.4%/2.2%/ 3.3% from 2011-2013E as a result of changes to our sales forecasts. MR announced preliminary 2011 net revenue of US$878 (+25%) and expects more than 18% sales growth in 2012."
MR closed at $27.98 per share on Monday.
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