Buy Sun Pharma, target of Rs 1217: Sharekhan

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Buy Sun Pharma, target of Rs 1217: Sharekhan

Sharekhan has maintained its buy rating on Sun Pharmaceutical Industries with a target price of Rs 1217. Sun Pharmaceutical Industries (Sun Pharma)’ Q1FY2010 performance is well below expectations. The revenues for the quarter declined due to lower sales in the US market.

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RELATED NEWS Sales to return to normalized level in next qtr: Sun Pharma Sun Pharma Q1 cons net profit down Rs 163.8cr ALSO READ See previous views by Sharekhan See what other Experts & Brokerages are saying about Sun Pharma See messages about Sun Pharma Sun Pharma BSE | NSE 28/05/12 Are Mutual Funds betting on Sun Pharma?

Sharekhan has maintained its buy rating on Sun Pharmaceutical Industries with a target price of Rs 1217 in its July 29, 2009 research report.

"Sun Pharmaceutical Industries (Sun Pharma)' Q1FY2010 performance is well below our expectations. The revenues for the quarter declined due to lower sales in the US market (as against the high base of the non-recurring sales of Pantaprazole in Q1FY2009), a decline in Caraco Pharmaceutical (Caraco)'s revenues due to seizure of inventory by the US Food and Drug Administration (USFDA) and a staggered domestic performance. We maintain our 'Buy' recommendation on the stock with a price target of Rs 1,217 (14x its FY2011 earnings)," says Sharekhan's research report.

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To read the full report click on the attachment......