Sunpharma
01.02.2022 - CITI on Sunpharma Maintain Buy CMP 834 Target 1070
01.02.2022 - CLSA on Sunpharma Maintain Buy CMP 834 Target 1100
01.02.2022 - Jefferies on Sunpharma Maintain Underperform CMP 834 Target 745
17.01.2022 - CLSA on Sunpharma Maintain Buy CMP 860 Target 1100
12.01.2022 - CITI on Sunpharma Maintain Buy CMP 831.65 Target 1000
16.12.2021 - Citi on Sunpharma - Maintain Buy - CMP 777 - Target 1000
16.12.2021 - MS on Sunpharma - Maintain Overweight Cmp - 777 - Target 895
CLSA ON SUN PHARMA - Maintain Buy, Target at Rs 960/share - 18.08.2021
* Ramping up existing specialty products, stronger R&D pipeline* Strong FCF ex-Rs43 bn provisioning by Taro
* Debt reduction of US$0.6bn in FY21
* Sharp decline in SG&A for global specialty
* Business but some costs may return
SUN PHARMA : 03.08.2021
* Sun Pharma was up 10% in Friday's trading session. Brokerage upgrades pour in for the stock.
* Stock up 10% on July 30
* Market Cap at 1.85 lakh cr, trading at 27x 1-year forward
• Delivery at 88 lakh
• Ol sheds 8 lakh shares, indicating short covering
UPGRADES POUR IN
• CLSA upgrades target to Rs 960/share, Maintains top pick
* Credit Suisse upgrades EPS by 19-13% but maintains Underperform
• JPMorgan upgrades target to Rs 850/share, Maintains Overweight
• Motilal Oswal upgrades stock with target at Rs 900/share
GOLDMAN SACHS ON SUN PHARMA : 03.08.2021
• Maintain SELL, Target at Rs 600/share
• 1Q above as COVID sales drove large part of beat
• On going price erosion will impact Sun/Taro US business
* Covid driven sales in India will decline
CITI ON SUN PHARMA : 0308.2021
* Citi has a Buy rating on Sun Pharma with target being raised to Rs 910
* Raise FY22/23/24 EPS Estimates By 7-10%
* Maintain Co As Top Pharma Pick In India
* Specialty Biz Is Picking Up & Has Potential To Drive Operating Leverage
* Generic Business Contribution Is At Historic Lows
* Generic Biz Pipeline Has Potential To Surprise Positively
* MAINTAIN BUY TARGET: 910
CS ON SUN PHARMA : 03.08.2021
* Credit Suisse maintains Underperform call on Sun Pharma, but raises FY22/FY23/FY24 EPS estimates by 19%/11% / 13%
* MAINTAIN UNDERPERFORM TARGET: 640
* Q1 Boosted By COVID; Expect Moderation In Ilumya Ramp-up In H2
* See Moderation In Ilumya Ramp-up After UCB's Bimekizumab & BMS' Deucravacitinib Launch
* Raise FY22/FY23/FY24 EPS Estimates By 19% / 11% / 13%
MS ON SUN PHARMA : 03.08.2021
* Morgan Stanley has an Overweight rating on Sun Pharma with target being raised to Rs 895/Sh
* MAINTAIN OVERWEIGHT TARGET: 895
* Positive Stance Driven By Steady Earnings Growth
* Valuation re-rating On Positive Op Leverage, Specialty Ramp-up, Judicious Capital Allocation
* Seeing A Strength In Balancesheet As Well
CLSA ON SUN PHARMA : 03.08.2021
* CLSA believes Sun Pharma is well placed to boost specialty sales & achieve EBITDA breakeven in FY23
• Specialty Ramp-up On Track With PE Rerating To Follow
* Well Placed To Boost Specialty Sales & Achieve EBITDA Breakeven In FY23
* MAINTAIN BUY TARGET: 960
JPMORGAN ON SUN PHARMA : 03.08.2021
* JPMorgan has an Overweight rating on Sun Pharma with co being its top pick in the sector
* MAINTAIN OVERWEIGHT TARGET: 850
* More Than Just An India Driven Beat; Specialty Momentum Better Than Expected
* Growth Is Specialty Is Likely To Continue
* Operating Costs/R&D Will Increase To Support The Specialty Effort
* Co Remains Our Top Pick In The Sector
CLSA ON SUN PHARMA : 18.06.2021
* MAINTAIN BUY TARGET: 850
* Sun Pharma should maintain double-digit YoY India growth in FY21-24, CLSA says
* IQVIA Data Suggest That Sun Co Leads In Key Therapies
* Field Force Productivity Remains High Despite Rising Competition
* Co Should Maintain Double digit YoY India Growth In FY21-24
* Maintain Buy On India Strength & Global Specialty Ramp-up
CLSA ON SUN PHARMA : 18.06.2021
• Maintain BUY, Target at Rs 850/share
• Reiterate BUY on solid India operations, specialty ramp up
* India growth prospects improving after 3-4 years of underperformance
* High field force productivity, despite rising competition
* Positioned to continue a 10% revenue CAGR in India with strong margins
* Strong India and global specialty ramp-up; reiterate BUY
