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Buy Panacea Biotech, target of Rs 536: Emkay
Emkay Research has maintained its buy rating on Panacea Biotech with a target price of Rs 536. On the back of muted performance in FY08 (because of 12% appreciation in rupees) and delay in the approval of combination vaccines, Emkay has revised its FY09 numbers downwards.
Emkay Research has maintained its buy rating on Panacea Biotech with a target price of Rs 536 in its June 18, 2008 research report. "On the back of muted performance in FY08 (because of 12% appreciation in rupees) and delay in the approval of combination vaccines, we revised our FY09 numbers downwards. Our revised EPS estimate for FY09E is Rs 21.7. We are introducing FY10E numbers and our earning estimate for FY10E is Rs 30.3. We have rolled over our target price on FY10E numbers and maintain, "BUY" with a target price of Rs 536," says Emkay's research report.
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