BNP Paribas Securities puts buy on Sun Pharmaceutical
1 Nov, 2008.
Sun Pharmaceutical
cmp: Rs 1,122.90
target price: Rs 1,695
Citing a healthy earnings growth rate of 21% till 2010-2011, BNP Paribas Securities India has rated Sun Pharma a “buy”. “The management pointed out the possibility of disengaging from Taro given the recent turmoil in credit markets and availability of far superior assets. We believe this could be a strategy to expedite the transaction and not the real intention,” the brokerage said in a client note.
BNP has valued Taro at Rs 69 a share and assigned an option value of Rs 50 to the ‘visible exclusivity opportunities from the Para IV pipeline.’ “Given its strong cash position, the management hinted at the possibility of exploring other inorganic moves in the US generics space as long as they fit the company’s defined criterion of capital returns,” the brokerage added.
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