India's Mankind Pharma hits record high after Investec sets Street-high price target

Mankind Pharma

20/09/2024 06:27

** Shares of Mankind Pharma  MNKI.NS  rise as much as 7.05%
to an all-time high of 2,597 rupees apiece; stock last up 3.5%
    ** Rise after Investec initiates coverage on pharma company 
with a "buy" rating
    ** Investec sets a Street-high target price of 3,300 rupees,
implying an upside of 37.7% in the next 12 months
    ** MNKI's plans to acquire Bharat Serums and Vaccines will
help boost earnings - brokerage
    ** Forecasts 18% EBITDA compound annual growth rate for
fiscal years 2024 to 2027
    ** Mean recommendation of 12 analysts tracking MNKI is
"buy"; median TP is 2,320 rupees, about 30% lower than
Macquarie's target price - LSEG data
    ** MNKI shares up 27% in 2024, underperforming 36% rise in
pharma index  .NIPHARM  of which it is a constituent 

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