Sharekhan recommended Hold rating on Sun Pharmaceutical Industries with a target price of Rs 460 in its research report dated May 28, 2019.
Sharekhan's research report on Sun Pharmaceutical Industries
Management has guided for sales growth of low to mid double digit teen for FY2020 on reported sales of FY2019. With better product mix and cost control measures, the management expects margin expansion over the next two years. We expect Sun Pharma to report sales and profit CAGR of 20% and 38% over FY2019-FY2021. Outcome of investigation related to pricing issues taken up by DoJ (Dept. of Justice, USA) and that of the SEBI investigation continues to weigh on the stock.
Maintain hold with lower PT of Rs 460; One-offs impact Q4 numbers.
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