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Sharekhan puts buy on Lupin

Posted on: December 24th, 2008 and is filed under Brokerage Recommendations.

Sharekhan has come out with a ‘buy’ on Lupin on account of its differentiated business model with global dominance in certain products, focus on niche, less-commoditised products and geographically diversified presence in newer markets such as Japan and the US branded segment.

Cmp: Rs 598
Target price: Rs 840

“These factors will drive sustained growth and call for premium valuations,” says the report. It adds that USFDA concerns are overdone as Lupin has already addressed USFDA’s queries on these inspectional observations and is hopeful of receiving a clearance soon. “Lupin’s issues with USFDA are not as serious as those of Caraco Pharmaceuticals/Sun Pharmaceuticals and Ranbaxy Laboratories, as Lupin continues to sell all its products in the US as well as receive product approvals from all its USFDA-approved facilities.

Hence, we reiterate our buy recommendation on the stock with a price target of Rs 840,” the report said. The broking house believes that concerns on the USFDA front are more than priced into the current stock price.

Cmp: Rs 598
Target price: Rs 840

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