CLSA upgrades Sun Pharma to 'buy'; raises target price to Rs 990

NEW DELHI: CLSA has upgraded Sun Pharma from 'outperform' to 'buy' rating in a morning note on Wednesday.

At 09:50 am, Sun Pharma was trading 1.2 per cent higher at Rs 836.40. It has hit a low of Rs 830.20 and a high of Rs 838 in trade today.

The brokerage has also raised the price target from Rs 855 earlier to Rs 990. It also expects the business to see ramp up on URL, Taro and niche launches.

CLSA has raised FY14/15 earnings forecast by 12-18 per cent on improved US market prospects. The brokerage firm expects 19.6 per cent core earnings growth over FY13-15.