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Feb 16, 2017, 01.47 PM | Source: Moneycontrol.com

Buy Sun Pharmaceuticals; target of Rs 860: Edelweiss

Edelweiss is bullish on Sun Pharmaceuticals has recommended buy rating on the stock with a target price of Rs 860 in its research report dated February 14, 2017.

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Buy Sun Pharmaceuticals; target of Rs 860: Edelweiss

Edelweiss is bullish on Sun Pharmaceuticals has recommended buy rating on the stock with a target price of Rs 860 in its research report dated February 14, 2017.

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Edelweiss' research report on Sun Pharmaceuticals

Sun Pharmaceuticals’ (SUNP) Q3FY17 revenue/ EBITDA were up 11%/9% YoY, but PAT fell 5% YoY. While Olmesartan sales and its combination made up for revenue void left by Imatinib, it diluted gross margin. Thus, sequentially while revenue fell mere 4%, EBITDA dipped 23%. Halol’s remediation will still take ‘some quarters’, and SUNP has started site transfers of some critical products.

Outlook

We risk‐adjust our estimates and cut FY17/18E EPS by 13%/19%, and introduce FY19E. While its journey to transform into a specialty player is taking a toll on profits, we believe these investments will help SUNP build a sustainable base business over time. Maintain ’BUY’ with rolled TP of INR 860 (22x FY19E EPS).

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Buy Sun Pharmaceuticals; target of Rs 860: Edelweiss

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