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Buy Sun Pharmaceutical, target of Rs 1498: Sharekhan

Posted on: June 8th, 2009 and is filed under Brokerage Recommendations.

Sharekhan has maintianed its buy rating on Sun Pharmaceutical Industries with a target price of Rs 1498 in its June 04, 2009 research report.

“Sun Pharma’s Q4FY2009 performance was ahead of our expectations primarily due to higher than expected growth in its domestic formulation business and healthy API sales. The non-US business (base business in domestic formulations, ROW formulations and API sales) has been growing at an increasing pace on the back of constant new launches, market penetration and expansion of geographies, thus offsetting the flattish US business in FY2009, indicating momentum in Sun Pharma’s underlying business. On the other hand, USFDA issues pertaining to ruling and incremental acquisition opportunities would act as near-term triggers for the stock. We roll over our valuations to FY2011 earnings estimate and maintain our Buy recommendation on the stock with a revised price target of Rs 1,498 (16x FY2011 earnings),” says Sharekhan’s research report.

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