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IIFL has revised its rating on Ranbaxy Laboratories from sell to reduce with a price target of Rs 155 in its Mrch 18, 2009 research report.
"Ranbaxy’s stock has dropped 69% since we initiated coverage. We see no significant downside from these levels, but do not expect the stock to outperform the broader market until overall business performance improves. Large forex losses will likely continue into the current quarter, with the rupee depreciating by a further 5%. The business is not growing in most geographies, and the US business may well see a decline in CY09, owing to FDA’s import alert and Application Integrity Policy (AIP), though we expect some recovery in CY10."
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"We also expect the management to successfully shift the location of filing for the valacyclovir and tamsulosin exclusivities that are due to come through in late CY09 and early CY10. We have recently revised our recommendation to REDUCE from SELL, while maintaining the price target of Rs 155," says IIFL's research report.
Disclaimer: The views and investment tips expressed by investment experts 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 on the attachment......
Attachments : IIFL-HDFC bk-L&T-Ranbaxy.pdf |
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Today's Special Column
with Kishore Biyani
Future Group and the MD of Pantaloon Retail (India) Limited , Group CEO


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