Hold Cipla, target of Rs 246: KRChoksey

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Hold Cipla, target of Rs 246: KRChoksey

KRChoksey Research has maintained its hold rating on Cipla with a target price of Rs 246. In Q1FY09, the company’s sales have increased by 32% on a y-o-y basis to Rs 1223.3 crore from Rs 928.8 crore.

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KRChoksey Research has maintained its hold rating on Cipla with a target price of Rs 246 in its July 23, 2008 research report."In Q1FY09, the company's sales have increased by 32% on a y-o-y basis to Rs 1223.3 crore from Rs 928.8 crore. The net profit of the company rose by 17.1% y-o-y to Rs 140.04 crore against Rs 199.54 crore."

"We maintain our HOLD recommendation with a target price of Rs 246, implying an upside potential of 5.8%. At the target price, the stock would be valued at 22.7x FY09E EPS of Rs 10.8," says KRChoksey's research report.

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