Hold Torrent Pharmaceuticals; target of Rs 2871: Sharekhan
Sharekhan recommended Hold rating on Torrent Pharmaceuticals with a target price of Rs 2871 in its research report dated October 26, 2020.
October 28, 2020 / 01:22 PM IST
Sharekhan's research repor on Torrent Pharmaceuticals
Torrent reported a mixed performance for the quarter with results missing estimates. Revenues were flat YoY, while PAT grew 27% backed by OPM expansion. Outlook for the India business is healthy and Torrent looks to outperform the industry growth. Other markets such as US are under stress, while Europe performance is likely to improve, though over medium term. USFDA response on resolution for Dahej & Indrad is awaited. Rich valuation and recent run up in stock prices leaves limited upside.
We retain Hold recommendation on the stock of Torrent Pharma (Torrent) with a revised PT of Rs 2871.
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