Glenmark may touch Rs 600: JP Morgan

JP Morgan has maintained its ‘Overweight’ rating on Glenmark Pharmaceuticals with a target price of Rs 600.

Glenmark has reported Q4 revenue growth of 25% yoy, driven by growth in India, Russia and the US. The management guided an FY14 revenue growth of 20% and EBITDA of Rs 12.25 billion, factoring in significant increase in R&D spend on US generics. “We think strong growth across all markets and strong balance-sheets will continue to drive stock performance,” said JP Morgan.