Ajanta Pharma – Downgrade To Sell: IndiaNivesh

Tagged: Ajanta Pharma, ICICI-Direct

This topic has 0 replies, 1 voice, and was last updated 10 years, 1 month ago by Vidhi Khanna.

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November 2, 2014 at 10:42 am #1145

Vidhi Khanna
Keymaster

We maintain our earnings estimates for FY15/FY16 and price target of Rs1,569 based on 17x FY16E EPS of Rs92.3. We remain confident on business model of AJP due to superior historical performance as well as key drivers in place to maintain momentum going forward. However, the current valuation of 24.1x FY15E and 20.5x FY16E earnings seems to have moved ahead of fundamentals. Hence we downgrade the stock to SELL from HOLD.

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