​SUN PHARMA: Opportunity in Adversity; Multiple challenges in FY18; recovery in earnings expected from FY19(SUNP IN, Mkt Cap USD20.0b, CMP INR539, TP INR650, 21% Upside, Buy)Sun Pharma (SUNP) is trading at ~16x FY19E PER, which is ~20% and 30% below its 10- and 5-year average valuations, respectively. The stock has corrected more than 50% from its peak of >INR1,100 (in April 2015). This downward movement can be attributed to the regulatory overhang on Halol, competition in key products, consol...
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