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IIFL has initiated a sell rating on GlaxoSmithKline Consumer Healthcare with a 12-month target price of Rs 587 in its July 2, 2008 research report. "GSK Consumer is the market leader in the malted-beverages category, with brands such as Horlicks, Boost, Maltova and Viva. We expect a significant deceleration in the company’s earnings growth as EBITDA margin drops on high raw-material cost and rising ad expenses on new product launches."
"The stock is trading at a one-year-forward PE of 14.3x, in line with its five-year PE average. Initiate with a SELL and a 12-month target price of Rs 587, based on a target PE of 12x on one-year forward earnings," 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.
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Attachments : tfp200807021.pdf |
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