Sun Pharmaceutical Industries shares were down by almost 5 per cent in early trade on Friday, May 23. This downturn was prompted by the investors examining the firm’s quarterly balance sheets. The stock dropped to an intraday low of Rs 1,636.60 on the NSE, which is 4.77 percent off the previous close. Subsequently, with a tempered balance sheet released post market, the stock was down.
Brokerage Radar
Brokerages sentiments remained subdued post-results as most brokerage firms slashed their target prices while retaining positive ratings for the stock.
Citi increased its target on the stock to Rs 2,210 from Rs 2,080, citing positive outlook on future specificity launches like Unloxcyt and Leqselvi.
Jefferies also maintained a “Buy,” but adjusted the target downwards to Rs 2,000 from Rs 2,265.
Goldman Sachs still hold a “Sell” and have dropped their target to Rs 1,475.
Nomura stood “Neutral”, but changed their target to Rs 1,970 citing growing overheads which may negatively impact margins.
HSBC and JP Morgan also adjusted their targets downwards but maintained ‘Buy’ and ‘Overweight’ respectively.
