J.P. Morgan Raises Price Target on Mindray Medical

Shares of Mindray Medical (NYSE: MR) are on the rise this morning by 1.90% to $32.79 after J.P. Morgan (NYSE: JPM) raised the price target for the stock to $43. MR is now rated “overweight.”

JPM Analysts said that MR’s Q1 2010 results showed “remarkable recovery in exports and flat domestic sales, which we believe to be related to local hospitals holding back purchases until the end of 2010.”

Gross margins increased at the company from 55.7% to 56.7% during the recent quarter.

J.P. Morgan cited the fact that Mindray Medical is the largest market of medical devices in China and that a recent, heavy construction cycle of hospitals in the country should spike new equipment orders in the second half of 2010.

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