Angel Broking has maintained its buy rating on Orchid Chemicals and Pharmaceuticals with a target price of Rs 128 in its January 30, 2009 research report. "The Company’s performance during the quarter was much below our expectations. For 3QFY2009, the company posted Net Sales of Rs 295.3 crore, registering a yoy de-growth of 8.0%. We believe launch of Piperacilin-Tazobactum in Europe would be a key positive trigger for the stock in the near term. At Rs 72, stock is trading at 12.0x FY2009E and 4.0x FY2010E Adjusted Earnings. We maintain a Buy on the stock, with a revised target price of Rs 128 (Rs 210)," says Angel's research report.

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