Analyst Research Report Snapshot

Title:

Stock Update | Aurobindo Pharma achieved target price of Rs 343, anticipating further valuation expansion, increase target price to Rs 412 & maintain BUY

Price:

$23.00

Provider:

IndiaNivesh Securities Pvt Ltd

Date:

16 Dec 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

ARBN.NS

Available for Immediate Download
Summary:

 Stock Update Aurobindo Pharma achieved target price of Rs 343, anticipating further valuation expansion, increase target price to Rs 412 & maintain BUY | Since 9th April 2012 (at prevailing market price of Rs 113) post management meet, we are bullish on Aurobindo Pharma and had upgraded our target price from Rs 150 upto Rs 343 level in gradual manner in the last one and half year. Yesterday (16th Dec 2013) once again stock achieved our target price of Rs 343 and closed at Rs 349 level. Till date since our recommendation, the stock has yielded 132% return. We maintain our earnings estimates but increased P/E multiple from 10x of FY15E to 12x of FY15E &arrive at the target price of Rs 412. We maintain BUY rating on the stock. However, we advise conservative investors to book partial profit at current level and aggressive investors to remain invested. At CMP of Rs 349 the stock is trading at P/E multiple of 14x of FY14E &10.2x of FY15E.

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