India's Artemis Medicare drops; Centrum Broking cuts price target

Artemis Medicare Services

28/02/2025 05:59

** Shares of multi-specialty hospital Artemis Medicare Services ATEM.NS fall 4.2% to a four-month low of 240.3 rupees

** Centrum Broking cuts price target on the stock by ~26% to 290 rupees, but keeps "buy" rating after discussions with co's management

** Says co's ongoing expansion plans in Raipur will require additional investments, which will put pressure on profitability in near to medium term

** Adds Raipur facility to be operational by Q3FY26 and will be loss-making for first 3 years; Centrum expects facility to breakeven by FY29

** We remain positive on long-term growth prospects - Centrum

** Stock down 20% YTD

 (Reporting by Manvi Pant in Bengaluru)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))