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Buy Alembic Pharma; target of Rs 675: HDFC Securities

HDFC Securities is bullish on Alembic Pharma has recommended buy rating on the stock with a target price of Rs 675 in its research report dated May 03, 2017.

May 04, 2017 / 05:54 PM IST
 
 
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HDFC Securities' research report on Alembic Pharma


However, the derma and oncology filings will only start in FY19E. In the meanwhile, we expect 10 to 12 product launches in the US market every year, which should maintain the US sales growth over FY17-19E. With this, and a recovery in the India business, ALPM should see 16% revenue CAGR over FY17-19E.


Outlook


Continuous investments and erosion in gAbilify sales have led to a correction in the stock price. We believe that the business remains attractive at these valuations. Maintain a BUY rating with a revised TP of Rs 675 (20x FY19E).


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first published: May 4, 2017 05:54 pm

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