Brokerage: CLSA
CLSA said that the plant non-compliance issue could create a hurdle for approvals in the US. Further, filing of Mylan-Biocon may take 12-18 months’ review time frame from refiling, the research firm said in its report. It also sees a downside risk to biosimilar pipeline value.
Brokerage: Citi | Rating: Buy | Target: Rs 405
The global financial services firm said that the company remained an entity with a meaningful leverage to biosimilars. Having said that, it is cautious ahead of US FDA target dates. Additionally, Citi also said that the recent weakness skews risk-reward on the stock more towards the upside.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 324
The brokerage house said that the company’s profits doubled due to revenue surge, while pre-sales revival was eyed now. Further, the management is optimistic on new launches resuming from the first half of the fiscal. It also said that the visibility of growth has risen on triggers like fruition of plans of larger affordable housing foray and fund raising.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 360
CLSA said that the company was set for a scale-up and there is a backlog upto 23 percent. Moreover, the financial closure won by the infrastructure arm of the company should drive a rebound in execution in FY18. It also likes the company’s focus on roads tolls in the traffic rich Western Corridor.
Brokerage: Bank of America Merrill Lynch | Rating: Buy
The positive stance from the research firm is on the back of further upside potential from these levels. Further, it added that Idea-Vodafone merger may lead to 40,000 tenancy cancellation at the company. It also said that it found the company to be biggest beneficiary of Jio’s incremental tenancy additions. BofaML also expects the company’s EBITDA gap to narrow leading to 25-42 percent further upside potential.
Brokerage: Kotak | Rating: Reduce | Target: Cut to Rs 1,190
Kotak said that based on the June quarter performance, which missed estimates by 8 percent, disappointment continued to be visible. Further, a muted growth in Chennai drives EBITDA miss. Going forward, a turnaround in Navi Mumbai remains critical for growth and margin outlook.
Brokerage: Nomura | Rating: Buy | Target: Rs 1,505
Nomura said that the company’s revenue were in line, but EBITDA missed on higher taxes. Further, it added that a turnaround in Navi Mumbai hospital remains a key.
Brokerage: Credit Suisse | Rating: Neutral | Target: Cut to Rs 1,075
The brokerage house said that recovery in hospital margin will take time. Having said that, it also cut FY18/19 EPS estimates by 28/18 percent.
Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 1,330
The global brokerage firm said that it saw strong cash flow improvement in FY17. Additionally, a strong improvement in operational cash flow will continue, it added.
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