Mar 26, 2013, 11.22 AM IST | Source: Reuters

BofA-Merrill initiates Wockhardt with 'buy'

Shares in Wockhardt gain 1.5 percent to 1,936.70 rupees after Bank of America-Merrill Lynch initiates coverage on the stock with a "buy" rating and a target price of Rs 2,565.

BofA-Merrill initiates Wockhardt with 'buy'

Shares in Wockhardt gain 1.5 percent to Rs 1,936.70 after Bank of America-Merrill Lynch initiates coverage on the stock with a "buy" rating and a target price of Rs 2,565.

BofA-Merrill says the stock will benefit from a "likely" exit from a debt restructuring process, improved cash flows that could allow Wockhardt to turn debt-free by fiscal 2015, a recovery in domestic growth, and "consistent" earnings surprises.

Wockhardt stock price

On April 17, 2014, Wockhardt closed at Rs 629.55, up Rs 11.95, or 1.93 percent. The 52-week high of the share was Rs 1944.85 and the 52-week low was Rs 336.60.


The company's trailing 12-month (TTM) EPS was at Rs 29.97 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 21.01. The latest book value of the company is Rs 74.55 per share. At current value, the price-to-book value of the company is 8.44.

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