Reduce Ranbaxy Laboratories, target of Rs 168: KRChoksey
KRChoksey has maintained its reduce rating on Ranbaxy Laboratories with a price target of Rs 168 in its February 25, 2009 research report. “The US Food and drug Administration (USFDA) has announced that it has stopped reviewing drug from the facility owned by Ranbaxy, an Indian drug maker, as it has falsified data and test results in approved and pending applications. The news will not have significant impact on the revenues of the company as most of the drugs from the facility have already been banned by the FDA in 2008, but going forward if the issue is not resolved, we can expect a significant decline in the revenue of the company.”
“We maintain our cautious view on the company as the FDA ban coupled with pricing pressure from its European market and the current news on falsification of data will have a negative impact on the earnings. We maintain our Reduce rating to the stock with a price objective of Rs 168. At Rs 168, the company is expected to trade at earnings multiple of 13.8x,” says KRChoksey’s research report.
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