Neutral on Glenmark Pharma with a a target at Rs 900: Motilal Oswal

Motilal Oswal maintains neutral rating on Glenmark Pharma with a 12-month target price of Rs 900. "Poor cash flow conversion, coupled with rising debt, remains a key concern for GNP," said the note.
"We believe that the US business holds the key for GNP to achieving management's growth guidance (we estimate a 22% YoY growth in the US business for FY17, driven by key launches, including Nitroglycerine and Welchol)," added the report.