Buy Sun Pharmaceutical, target of Rs 1295: Sharekhan
Sharekhan has maintained its buy rating on Sun Pharmaceutical Industries with a price target of Rs 1,295 in its March 26, 2009 research report. “Sun’s domestic business has clearly outpaced the industry by registering a +17% growth in M9FY2009 vs a 12-14% industry growth in the same period.
With a strong field force, a robust pipeline of new launches, strong product portfolio and a firm foothold in the domestic market, Sun expects its domestic formulation business to continue to outpace the industry growth of 10-12%. At the current market price of Rs 1,075, Sun Pharmaceutical Industries is valued at 12.6x FY2009E and 14.1x FY2010E fully diluted earnings. Uncertainty on the Taro acquisition and Caraco’s warning letter would remain as an overhang on the stock and cap the near-term upside. We maintain our Buy recommendation on the stock with a price target of Rs 1,295,” says Sharekhan’s research report.
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