Brokerage sentiment across the pharmaceutical and emerging workspace sectors remains broadly optimistic, with firms such as Citi and Choice Institutional Equities highlighting robust growth drivers and improving earnings visibility for key players.Citi continues to back large-cap pharma names like Lupin and Sun Pharma, citing strong momentum in their US businesses, healthy product pipelines, and structural margin levers that are expected to support sustained profitability over the next few years.Meanwhile, Choice Institutional Equities has initiated coverage on Smartworks with a bullish outlook, underscoring the rapid expansion of India’s flexible workspace market and the company’s strong positioning within this high-growth segment.Collectively, these recommendations signal confidence in both the healthcare and office solutions sectors as they enter a phase of accelerated expansion and operational strength.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:Citi on Lupin: Buy| Target Rs 2,260| LTP Rs 2081| Upside 8%Citi has maintained a Buy rating on Lupin with a target price of Rs 2,260, indicating an upside potential of about 8% from the current market price of Rs 2,081.The brokerage noted that the management remains upbeat about the US business and expects the company’s US revenues to reach US$1 billion by FY27.Citi also highlighted that multiple margin levers are in place, with Lupin guiding for an EBITDA margin of 24–25% by FY27. It added that a strong performance in the US market is likely to be the key driver of the company’s overall margin improvement in the coming years.Citi on Sun Pharma: Buy| Target Rs 2180| LTP Rs 1831| Upside 19%Citi has reiterated its Buy rating on Sun Pharma with a target price of Rs 2,180, implying a 19% upside from the current level of Rs 1,831.The brokerage is not concerned about the potential biosimilar risk to Ilumya, noting that patent protection is likely to extend beyond 2031. It highlighted that Leqselvi is witnessing strong patient response along with improving payer coverage, supporting growth prospects.Citi also noted that Sun Pharma’s India business remains insulated from trade generics due to its limited exposure to acute and anti-infective therapies.While R&D and launch-related costs may stay lumpy in the near term, the brokerage believes that operating leverage will help support margins going forward.Choice Institutional Equities on Smartworks Coworking Space: Initiate Coverage| Buy| Target Rs 630| LTP Rs 480| Upside 31%Choice Institutional Equities has initiated coverage on Smartworks with a Buy rating and a target price of Rs 630, indicating an upside potential of 31% from the current market price of Rs 480.The brokerage highlighted that India’s flexible workspace market is poised for strong expansion, projected to grow at a CAGR of 13.7% between CY25 and CY30, nearly double the pace of the overall office market.The sector is expected to expand from 98 msf in CY25E to 186 msf by CY30E, driven largely by GCCs, BFSI, and IT services, supported by India’s sizeable STEM talent pool, which accounts for 28% of global supply.Choice Institutional Equities values Smartworks at a time-weighted 12-month forward EV/Adjusted EBITDA multiple of 15x, underpinning its bullish stance on the company’s growth potential.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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