Although Alembic Pharma has witnessed P/E expansion from ~8-10x levels to 10-13x levels, we see enough room for further re-rating on the stock as its US pipeline unfolds. The stock still trades at an attractive valuation of 14.9x FY15E EPS and 11.1x FY16E EPS. We value Alembic Pharma at 15x FY16E EPS of Rs 26.1 and recommend BUY with a TP of Rs 392
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