India's Fortis Healthcare at new record on Nomura's St-high target

Fortis Healthcare

01/01/2024 07:14

** Shares of Fortis Healthcare  FOHE.NS  rise 6% to a record
high of 444.55 rupees, extending their rally
    ** Nomura reiterates "buy" on the hospitals' operator's
stock and raises TP to a Street-high 475 rupees, an implied
upside of 17.3%
    ** Avg rating of 12 analysts tracking FOHE is also the
equivalent of "buy", while avg TP at 450.80 rupees - LSEG data
    ** Nomura says its TP hike driven by expectations of growth
in avg revenue per operating bed (ARPOB) over FY25-30
    ** Sees scope for margin expansion due to divestment of two
loss-making entities, rising volumes of international patients

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))