Sun Pharma surges 3.6% after Morgan Stanley double upgrade

Mumbai: Exactly a month after Goldman Sachs lowered by a fifth the target price on Sun Pharmaceutical Industries, Morgan Stanley on Monday announced a ‘double upgrade’ on India’s biggest drugmaker to ‘overweight’, anticipating a revival in earnings from FY21 onward. Steady growth in the base business and a plateauing cost structure were among the factors Morgan Stanley considered while giving its latest recommendations on a stock that has shrunk about two thirds from its peak. Sun Pharma had plunged 41 per cent over the last two years in which the Sensex gained 31 per cent. On Monday, the stock climbed 3.6 per cent to Rs 422.40 after the Morgan Stanley report. The US brokerage expects specialty ramp-up, manufacturing rationalisation, cost control and Halol contribution to help improve FY21 margins at the drug-maker.

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