Moneycontrol
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.

 
 
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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.

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