Citi resumes coverage on Sun Pharma with a 'buy' rating

Thu Feb 21, 2013 3:26pm IST

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Reuters Market Eye - Citigroup resumes coverage of Sun Pharmaceutical Industries Ltd(SUN.NS) with a "buy" rating and a target price of 970 rupees.

Citi says Sun Pharma "stands out" in the sector due a "superior" business mix, with around 80 percent of its revenue coming from the United States and India, and growing fast in the rest of the world.

The investment bank also notes Sun's "excellent" track record on financial metrics, and expects growth to stay "strong" and premium valuations to sustain.

Sun shares were down 0.3 percent as of 3.26 pm, outperforming a 1.5 percent fall in the Nifty.

(Reporting by Abhishek Vishnoi)

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