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6 months ago
BUZZ-India's Sun Pharma hits near 2-week low on Q3 results; Goldman Sachs cuts PT
February 15, 2017 / 4:15 AM / 6 months ago

BUZZ-India's Sun Pharma hits near 2-week low on Q3 results; Goldman Sachs cuts PT

** Sun Pharmaceutical Industries Ltd falls as much as 3.4 pct, lowest since Feb 2

** Company reported first fall in quarterly profits in a year on Tuesday, as pricing issues and supply constraints affected sales in the U.S. - its largest market

** Dec-quarter profit fell to 14.72 bln rupees ($220.33 mln), missing analysts average estimate of 17.83 bln rupees, according to Thomson Reuters data

** Company hopes to be able to fix the problems at Halol "over the next few quarters," founder-Managing Director Dilip Shanghvi said on a conference call

** Goldman Sachs cuts stock's target price to 824 rupees from 836 rupees

** Any further delay in resolution of the Halol situation presents risks to near-term estimates, Nomura analysts stated in a note ($1 = 66.8100 Indian rupees)

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