Lupin: USFDA Warning Letter Entails Further Downside Risk to US Biz; HOLD | Lupin US FDA | IndiaNotes.com


Outlook & Valuation


We have reduced our target multiple to 18x (from 19x) and trimming down our earnings estimate by 7%/16% for FY18E/FY19E on the back of WL to its two key plants, we maintain our HOLD recommendation on the stock with a downwardly revised Target Price of Rs820 (from Rs1,030 earlier).

 

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About Reliance Securities

Reliance Securities, the broking arm of Reliance Capital, is one of the India’s leading retail broking houses, providing customers with access to equities, derivatives, currency, IPOs, mutual funds, bonds, and corporate FDs amongst others. The large array of financial offerings helps customers fulfilling their investment objectives on one platform. Focus on timely & error-free execution represents its core strength. Their best in class research offerings, high degree of compliance with stock exchange regulations, ethical business standards, & strong risk management capabilities; Reliance Securities positions itself amongst strong & innovative brands in the financial services space.


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