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Neutral Biocon; target of Rs 450: Motilal Oswal

Motilal Oswal recommended Neutral rating on Biocon with a target price of Rs 450 in its research report dated July 25, 2020.

July 28, 2020 / 12:11 PM IST
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Motilal Oswal 's research report on Biocon

Biocon (BIOS) has shown healthy improvement in Biosimilars revenue on a YoY as well as QoQ basis. The favorable demand scenario has led to better off-take of products in the Generics category. Capital investment and product development are on track for the Generics segment, additional growth levers for BIOS. -We maintain our EPS estimates for FY21/FY22 and value BIOS at 30x (20% discount to its five-year avg.), arriving at TP of INR450. BIOS is well-placed to deliver a 39% earnings CAGR over FY20–22, led by new launches / increased market share for existing products in the Biologics segment and superior performance from the Generics / Research Services segment.


However, we await a better entry point and hence maintain a Neutral rating on the stock.

For all recommendations report, click here

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first published: Jul 28, 2020 12:11 pm