Oppenheimer Has Outperform On Mindray Medical Following Earnings (MR)

Oppenheimer & Co. has an Outperform rating and a $28 price target on shares of Mindray Medical Int'l Ltd. MR following earnings. In a note to investors, Oppenheimer writes, "Mindray reported 1Q11 revenue of $180.9M, beating the Street and our estimates of $168M. International sales grew 29.6% and China grew 16.6% yoy, significantly higher than our expected 17.9% and 12%, respectively. MR's China strategy is becoming effective faster than we thought. Full-year guidance was unchanged, which we view as conservative. We think it will benefit from recovery in developed countries and strong emerging market demand. We are raising our 2011 revenue estimates from $817.3M to $839.4M. We also raise our non-GAAP EPS estimates for 2011 and 2012. We are upgrading the stock from Perform to Outperform. Our price target of $32 represents an 18x multiple to our 2012 EPS estimates of $1.73 plus $1 cash/share." Shares of MR lost 39 cents yesterday to close at $27.54, a loss of 1.4%.