Parag Parikh Financial Advisory Services has maintained its buy rating on Wyeth in its report dated October 27, 2009.
"Wyeth Ltd. reported disappointing set of numbers for the second quarter ended 30th September 2009. The company reported a marginal dip of 1.7% in its top-line from Rs 1,146.7 million for Q1FY10 to Rs 1,127.5 million for Q2FY10. With a Q-o-Q decline of 45.4% in Other Income & increase in Interest burden by close to 160%, Wyeth reported a Q-o-Q dip of 13.6% in its bottomline from Rs 291.5 million for Q1FY10 to Rs 261.9 million for Q2FY10. We continue to remain positive about the future prospects of Wyeth Ltd. Even though the quarterly numbers do not look promising, we believe that the company would be able to deliver better results going forward. At CMP of Rs 700, the scrip trades at 13.3x FY10E earnings of Rs. 52.8. Maintain BUY on dips, " says Parag Parikh Financial Advisory Services' research report.
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