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Sun Phrama market performer, target Rs 1755: Karvy
Karvy Stock Broking has recommended a market performer rating on Sun Pharmaceuticals, with price target of Rs 1755, in its report dated March 15, 2010.
Karvy Stock Broking has recommended a market performer rating on Sun Pharmaceuticals , with price target of Rs 1755, in its report dated March 15, 2010. The stock closed at Rs 1655.55 on March 12, 2010.
"On account of injectibles nature of the product we have factored 70% price erosion and a 10 % market share for the products for a 15 day period for the current year and for the next year. We have upgraded our FY10E EPS marginally to Rs 60.8 and by 8.5% to Rs 75.3 for FY 2011E. We value our core business at 22x FY 2011E at Rs 1657 while we value the Taro upside at 50% probability to CY10 EPS. We assign 22x to the Rs 4.3 (50 % Taro EPS upside) to Sun Pharma stock and arrive at a price target of Rs 95. We hence arrive at a price target of Rs 1755 (price upgrade of 8.3 %). We continue to rate the stock as Market Performer," says Karvy Stock Broking report.
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