Prabhudas Lilladher has maintained its market performer rating on GlaxoSmithKline Pharmaceuticals with a price target of Rs 1,136 in its May 30, 2008 research report. "Glaxo Smithkline Pharma (GSK) has undertaken new initiatives for future growth of the company. The new initiatives are: 1) Developing channels for hospitals to leverage GSK scale, optimise marketing spends and develop expertise. 2) Develop channels and reach for tapping rural opportunity, expanding matured products through contract field force. 3) Investing in chronic therapeutic segments like diabetes, CVS, biological. Strengthen dermatology and critical care franchises."

"At the CMP of Rs 1,139, the stock trades at 21.5x CY08E EPS of Rs 53 and 19.1x CY09E EPS of Rs 59.8. We maintain Market Performer rating on the scrip with a price target of Rs 1,136 (19x CY09 earnings)," says Lilladher's research report.

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