Credit Suisse cut FY20/FY21 EPS estimates by 10/14 percent and factored in lower US sales & profits in estimates.
Shares of Cipla fell more than 2 percent intraday on August 26 after global brokerage Credit Suisse maintained neutral call on the stock, but cut-price target by nearly 14 percent.
The research firm slashed price target to Rs 445 from Rs 515 per share earlier saying high competition in generic Voltaren gel could be a key risk in the near term.
The Voltaren is used to treat joint pain in the hands, wrists, elbows, knees and feet.
Credit Suisse cut FY20/FY21 EPS estimates by 10/14 percent and factored in lower US sales & profits in estimates. It also factored in recovery in trade generic from Q3FY20. Any delay is a risk, it said.
India Rx business growth has been below peers, it added.
The stock was quoting at Rs 463.35, down Rs 2.55, or 0.55 percent on the BSE
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