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Elder Pharma an outperformer: ICICIdirect.com
ICICIdirect.com has maintained an outperformer rating on Elder Pharmaceuticals with a target of Rs 324. The top-line grew 11% YoY to Rs 154 crore on account of robust performance across the business segments.
ICICIdirect.com has maintained an outperformer rating on Elder Pharmaceuticals with a target of Rs 324 in its February 10, 2009 research report. "The top-line grew 11% YoY to Rs 154 crore on account of robust performance across the business segments. The EBITDA margin declined 416 basis points on account of 22% YoY rise in employee cost and 41% YoY increase in other expenses. In the light of global economy slowdown and declining valuations of global equities, we slash our target PE for Elder from 8x to 6x FY10E earnings. We maintain our OUTPERFORMER rating for Elder slash our target price of 324," says ICICIdirect.com's research report.
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