Buy Sun Pharma, with a target of Rs 750: Bank of America Merrill Lynch
BofA-ML maintains buy rating on Sun Pharma but slashed its 12-month target price to Rs 750 from Rs 790 earlier.
By ETMarkets.com | Updated:
Bank of America Merrill Lynch has a Buy call on Sun Pharmaceutical Industries Ltd. with a target price of Rs 750. The current market price of Sun Pharmaceutical Industries Ltd. is Rs 621.6 . Time period given by analyst is a year when Sun Pharmaceutical Industries Ltd. price can reach defined target.
While maintaining buy rating, BofA-ML slashed its 12-month target price to Rs 750 from Rs 790 earlier. The SPARC complete response letter (CRL) indicates a likely delay in Halol resolution by another 6-9 month.
The global investment bank slashed its forecasts by 6-5 per cent for FY18-19 as Halol delayed. However, Odomzo acquisition is likely to strengthen specialty portfolio. Going forward, Halol Warning Letter and DoJ enquiry to weigh on valuation, said the bank.
While maintaining buy rating, BofA-ML slashed its 12-month target price to Rs 750 from Rs 790 earlier. The SPARC complete response letter (CRL) indicates a likely delay in Halol resolution by another 6-9 month.
The global investment bank slashed its forecasts by 6-5 per cent for FY18-19 as Halol delayed. However, Odomzo acquisition is likely to strengthen specialty portfolio. Going forward, Halol Warning Letter and DoJ enquiry to weigh on valuation, said the bank.
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