Icici Securities Re: initiates India's Piramal Pharma; shares up

Piramal Pharma (Mumbai)

22/12/2023 06:16

** ICICI Securities re-initiates coverage on Piramal Pharma
 PIRM.NS  with "buy" rating and PT at 180 rupees, down 7% from
previous target
    ** Avg rating of four analysts is a "strong buy" per LSEG
data, but their median PT of 132.5 rupees is below ICICI's
    ** PIRM rises ~8.4%; is up about 10% this week and ~25% this
year so far
    ** Brokerage expects healthy project pipeline, better
volumes and sales in its contract development and manufacturing
organisation (CDMO) business over FY23-26E
    ** Jefferies earlier in the week said margins for co will
reach to high teens by end of FY26
    ** More than ~16.2 mln shares change hands, 2.2x the 30-day
avg
    ** Stock above 50-, 100- and 200-day averages since
mid-November  

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))