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Buy Sun Pharma Industries, target of Rs 1664: Religare
Religare Research has recommended a buy rating on Sun Pharmaceutical Industries with a target price of Rs 1664. Valuations attractive at 15.9x FY09E earnings.
Religare Research has recommended a buy rating on Sun Pharmaceutical Industries with a target price of Rs 1664 in its June 16, 2008 research report. "With over 90 ANDAs pending approval and potential 180-day exclusivities, Sun Pharma has a rich pipeline of products for the US market and is expected to record windfall gains over 2008-11. It is already reaping rich dividends from Pantoprazole exclusivity. Has emerged as the fastest growing company in the domestic formulations market with a CAGR of 30% over FY05-FY08, through a focus on difficult-to-manufacture products in niche therapeutics. Well placed to witness a CAGR of 20% in this space over FY08-FY10. Sun is growing strongly in less regulated markets as well."
"Valuations attractive at 15.9x FY09E earnings. Our estimates do not factor in potential from the launch of generic 'Effexor XR' in FY09, a USD 2.4 billion opportunity," says Religare's research report.
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