Sun Pharma ends 4% up after BofA-ML upgrade
The global investment bank raised the target price to Rs 1070 for Sun Pharma shares from Rs 960 earlier.
By ET Online | Updated:
NEW DELHI: Shares of Sun Pharmaceutical Industries gained 4.67 per cent in trade today after Bank of America Merrill Lynch (BoA-ML) upgraded the stock to 'buy' from 'neutral'.
The stock ended day at Rs 927.25, up 4.27 per cent.
The global investment bank raised the target price to Rs 1070 for Sun Pharma shares from Rs 960 earlier.
BofA-ML cites integration with Ranbaxy, price hikes at unit Taro and improvement in US supplies as key reason for the upgrade.
"Sequential improvement in ex-Taro US business, including supply from Halol, is positive; expect further improvement post the completion of remedial measures at Halol," said Manoj Garg, analyst, BoA-ML.
(With inputs from reuters)
The stock ended day at Rs 927.25, up 4.27 per cent.
The global investment bank raised the target price to Rs 1070 for Sun Pharma shares from Rs 960 earlier.
BofA-ML cites integration with Ranbaxy, price hikes at unit Taro and improvement in US supplies as key reason for the upgrade.
"Sequential improvement in ex-Taro US business, including supply from Halol, is positive; expect further improvement post the completion of remedial measures at Halol," said Manoj Garg, analyst, BoA-ML.
(With inputs from reuters)
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