Karvy Stock Broking has maintained its outperformer rating on Sun Pharmaceutical Industries with a target price of Rs 1300 in its January 12, 2009 research report. "Margins are expected to lower at 42.3 % as compared to 44.1 % in the corresponding quarter in the previous year. PAT is likely to be higher by 39% to Rs 4424 million for the quarter. We have factored the USD 24.5 mn revenue upside from the controlled substances in FY 2010. We marginally upgrade our FY 2010 EPS by 1.3 % to Rs 78.2. We upgrade our price target by 4.3% to Rs 1,300 based on 16.6x FY 2010E. With increasing traction in US markets and domestic formulations on a strong wicket we maintain our Outperformer rating on the stock," says Karvy's research report.

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