Religare Institutional Research has reiterated 'Buy' on Ipca Laboratories with revised target price of Rs 1,030 from Rs 880 in its report.
Commenting on the investment rationale, Religare said, ''Our recent management interaction reinforced our confidence on IPCA's structurally improving margin trajectory led imminent scale-up in US sales and firm positioning in anti-malarial tender biz.
We raise our target price to Rs 1,030 (vs Rs 880) to factor raised margin assumptions driving 3-4% EPS upgrade and higher imputed P/E of 18x 1-yr fwd (vs 16x earlier). Rising growth visibility (26% EPS CAGR), improving RoIC & FCF generation deserve re-rating closer to large peers. Reiterate IPCA as top mid-cap pick.''
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