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Global research firm Credit Suisse has maintained an outperform rating on Sun Pharma with an increased target of Rs 705 apiece.
It said that the risk mitigation of Absorica (acne medication) should drive rerating on the stock, but a genericisation in December 2020 is a key overhang.
The firm’s analysis also suggests that the company should be able to shift to Absorica market to a new formulation. If the discount on the back of this drug is removed, analysts expect the base business multiple by 10 percent to 23 times.
The stock has gained over 12 percent in the past one month, while in the past three days, while in the past three days, it has risen 2 percent.
At 12:52 hrs Sun Pharmaceutical Industries was quoting at Rs 632.30, up Rs 11.60, or 1.87 percent, on the BSE. It touched an intraday high of Rs 633.30 and an intraday low of Rs 622.55.
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