Thursday, 17 September 2009

Hold Glenmark Pharma, target of Rs 251: Sharekhan

Sharekhan has maintained its hold rating on Glenmark Pharmaceuticals with a price target of Rs 251 in its report dated September 15, 2009.

"Based on inherent risk on its research and development (R&D) pipeline and no near-term catalyst in sight, we feel, the stock is likely to be under pressure for the next twothree quarters, diminishing the possibility of any near term re-rating. Hence we maintain our Hold recommendation on the stock with the price target of Rs 251 (12x FY2011E core earnings for base business plus Rs 43 per share for R&D pipeline)," says Sharekhan's report.

Source: Moneycontrol

No comments:

Post a Comment

DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.