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HSBC upgrades Torrent Pharma to 'buy' from 'hold'

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MUMBAI: HSBC has upgraded Torrent Pharmaceuticals to buy from hold and raised target price to Rs 1,735 from Rs 1,460 citing strong outlook for India and other focus markets.

"Despite a strong share price run-up, we believe TRP (Torrent Pharma) can realise further synergies from the Unichem integration.

The India portfolio remain structurally strong with 65 per cent of sales from chronic/sub-chronic therapies," said HSBC.

The firm also increased its FY19-FY21 estimated earnings per share estimates by 1 per cent, 9 per cent and 9.3 per cent, as it adjusted for gross margin and operating costs, as well as depreciation and amortisation costs in line with the current outlook.

Unichem brands will be the key growth drivers for the company going forward with a focus on increasing the prescriptions with specialists, said HSBC.




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