Citi resumes coverage on Sun Pharma with a 'buy' rating

Last Updated: Thu, Feb 21, 2013 10:17 hrs

Citigroup resumes coverage of Sun Pharmaceutical Industries Ltd with a "buy" rating and a target price of 970 rupees.

Citi says Sun Pharma "stands out" in the sector due a "superior" business mix, with around 80 percent of its revenue coming from the United States and India, and growing fast in the rest of the world.

The investment bank also notes Sun's "excellent" track record on financial metrics, and expects growth to stay "strong" and premium valuations to sustain.

Sun shares were down 0.3 percent as of 3.26 pm, outperforming a 1.5 percent fall in the Nifty.

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