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Buy Glenmark; target of Rs 1040:Religare

Religare is bullish on Glenmark and has recommended buy rating on the stock with a target price of Rs 1040 in its research report dated January 29, 2016.

February 01, 2016 / 10:54 AM IST
 
 
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Religare's research report on GlenmarkGNP’s Q3 earnings missed estimates by 11% led by a revenue miss across key geographies and higher taxes. While EM currency issues may persist near term, we expect US business – with approvals of Ortho-tricylen Lo, Nitroglycerin and later the Zetia launch – to drive performance in the medium term. We pare FY17/FY18 earnings estimates by 18%/13% to reflect the weak quarter, higher tax rate and gradual debt reduction, but retain BUY on favourable valuations with a new Mar’17 TP of Rs 1,040 (from Rs 1,370).GNP is at attractive valuations of 17.5x/14.7x FY17E/18E P/E (ex-Zetia); we value it at 20x FY18E EPS (vs. 22x earlier) and add Rs 15/sh for Zetia to get our TP of Rs 1,040.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Feb 1, 2016 10:54 am

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