May 28, 2018 / 4:26 AM / 3 months ago

BUZZ-India's Sun Pharma rises on upbeat Q4 results

** Sun Pharmaceutical Industries Ltd rises as much as 7 pct to 499.05 rupees, its biggest daily pct gain since Dec 27, 2017

** India’s largest drugmaker’s Q4 net profit up 7 pct from a year ago; well above expectations

** With signs of bottoming out of non-Taro (unit) U.S. sales, further material downside earnings risk seems unlikely, Macquarie analyst say; Raise rating to “neutral” from “underperform”

** Macquarie continues to believe any upside from specialty will be protracted; cuts TP to 460 rupees from 480 rupees

** Deutsche Bank says while Sun is well placed among its peers to transition to specialty pharma co, in medium term, risks of execution in specialty launches could weigh on stock; cuts TP to 431 rupees from 496 rupees, rating “hold”

** Jefferies analysts say adjusting for qtr and guidance, FY19/20 estimates fall by 9/5 pct. Sun best positioned to transition to specialty and expect benefits to reflect from FY20; cut TP to 500 rupees from 520 rupees; rating ‘hold’

** Out of 39 brokerages covering Sun stock, 14 rate ‘buy’ or higher, 12 ‘hold’ and 13 ‘sell’ or lower; median price target 525 rupees - Thomson Reuters Eikon data

** Over 4.8 mln shares change hands in first 30 mins of trade vs 30-day avg volume of 4.4 mln

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