Strides Pharma Science shares rallied more than 4 percent in the morning trade on March 27 after Macquarie upgraded the stock to outperform from neutral, citing likely strong earnings growth in the next financial year.
The global investment firm also raised its price target to Rs 532 from Rs 486 apiece after increasing FY20/21 EPS estimates by 3 percent.
The stock was quoting at Rs 459.30, up Rs 14.20, or 3.19 percent on the BSE, at 1006 hours IST.
At 14x FY20 PER, concerns are fairly captured, the research house feels.
Macquarie expects the US market to be a key margin driver for the company and expects a sharp recovery in EBITDA to profit after tax translation from FY20.
It further expects US margin to expand from 11 percent in Q3FY19 to 18 percent in FY20 and sees strong visibility in other regulated markets.
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Source: Moneycontrol
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