China Medical Technologies initiated with "buy"

03/03/09 - Brean Murray, Carret & Co

NEW YORK, March 3 (newratings.com) - Analysts at Brean Murray initiate coverage of China Medical Technologies (CMED) with a "buy" rating. The target price is set to $20.

In a research note published this morning, the analysts mention that the company has strong growth potential. China Medical Technologies has reported robust 3QFY08 results, driven by expanded gross margins and improved product mix, the analysts add. The company is expected to have adequate cash resources to meet its debt obligations going forward, Brean Murray says.