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Nomura has raised the price target for shares of drugmaker IPCA Laboratories Ltd to Rs 915 from Rs 723.
The stock is quoted flat at 761.45 today on the NSE.
Brokerage house expects its earnings growth to remain robust beyond FY21, particularly if FDA issues are resolved by then. Nomura expects IPCA to deliver 15.2 per cent revenue growth over fiscal year 2019-2021. It has mentioned that the increase in export revenues and sustained above-market growth in India likely to be catalysts for the stock
The company’s September quarter profit jumped nearly 24 per cent to Rs 120 crore.
Of the 21 brokerage covering the stock, 15 rate it as “buy” or higher, 4 rate it as “hold” and one “sell”. The median price target for the stock is Rs 845, according to Refinitiv data
The stock was up about 27 per cent this year, as of last close.
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