Buy Orchid Chemicals, target price of Rs 86: Reliance Money

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Reliance Money has recommended a buy rating on Orchid Chemicals and Pharmaceuticals with a target price of Rs 86 in its February 2, 2009 research report. "Orchid Chemicals & Pharmaceuticals Ltd (Orchid) reported flat revenues at Rs 3215 million in its consolidated revenues, as there were no major product launch during the quarter and the US operation witnessed a overall slowdown. We foresee a sound long term prospects of the company and put a BUY rating with a revised target price of Rs 86 (from earlier Rs 92). At this TP, the stock would available at 5x FY10EPS and 6x FY10 EV/EBITDA," says Reliance Money's research report.

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