Global brokerage firms such as CLSA, Jefferies, Macquarie raised their target price on Sun Pharma post September quarter results.

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The most aggressive target price of Rs 1050 was put out by CLSA which translates into an upside of 28 per cent from Rs 815 recorded on 2 November.

 

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Pharma giant Sun Pharmaceutical Industries on Tuesday reported 13 per cent rise in Profit After Tax (PAT), beating expectation of the street.

The drugmaker Sun Pharmaceutical posted a 13 per cent rise in consolidated net profit to Rs 2,047 crore on a year-on-year (YoY) basis. The PAT stood at Rs 1,813 crore in the same quarter in 2020.  

The pharma company had reported a profit of Rs 1,444 crore in the quarter ended June 2021. Meanwhile, the consolidated revenue from operations rose to Rs 9,625.9 crore, a 12.5 per cent year-on-year.  

We have collated a list of recommendations from various global brokerage firms according to a Zee Business TV report:

CLSA: Buy| Target raised to Rs 1050 from 960

CLSA maintained its buy rating on Sun Pharma post September quarter results but raised its 12-month target price to Rs 1050 from Rs 960 earlier.

Margin surprise led the second-quarter earnings beat. It lifted earnings estimates 4%-11% over 2022-2024 period.
 
Key geographies performed well with global specialty sales up 6 per cent on a QoQ basis. Global specialty business is well placed to ramp up and break even in FY23.

CITI: Buy| Target upped to Rs 1000

Citigroup maintained its buy rating on Sun Pharma post Q2 results and upped the target price to Rs 1000.  

Strong Q2 came despite the hiccup seen in the US. Sun Pharma’s Q2 adjusted EBITDA of 5 per cent was ahead of estimates. The global investment bank raised the FY22-24E (1-3%).

Macquarie: Outperform| Target raised to Rs 964 from Rs 925

Macquarie maintained its outperform rating on Sun Pharma post Q2 results but raised the target price to Rs 964 from Rs 925 earlier.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)