Tuesday's top brokerage calls: Glenmark and Aurobindo Pharma

SUMMARY

Brokerages are mixed on Glenmark Pharma after its March quarter results. While Morgan Stanley has 'underperform', Macquarie is bullish and Goldman Sachs is neutral on the stock. Also, CLSA downgraded Aurobindo Pharma to 'outperform' from 'buy' after its earnings announcements. Here's a look at the top brokerage calls for today:

By CNBCTV18.comJun 1, 2021 8:17:37 AM IST (Published)

Morgan Stanley on Glenmark: The brokerage has an 'underperform' call on the stock with a target at Rs 554 per share. It added that the base business will maintain low double-digit growth at 19-20 percent profitability.

Macquarie on Glenmark: The brokerage has an 'outperform' call on the stock and raised the target to Rs 670 per share from Rs 595 earlier. Free cash flow prospects are looking brighter in FY22, it said, adding that Rs 900-1,000 crore inflow is likely from API IPO.

Goldman Sachs on Glenmark: The brokerage has a 'neutral' call on the stock with a target at Rs 580 per share. Q4 is in line with estimates, said GS, adding that it expects steady growth in FY22.

Citi on Glenmark: The brokerage has a 'buy' rating on the stock and raised the target to Rs 720 per share.

CLSA on Aurobindo Pharma: The brokerage downgraded the stock to 'outperform' from 'buy' but raised its target to Rs 1,040 per share from Rs 1,000 earlier. It lowered FY23 EPS estimates by 2 percent.

JPMorgan on Aurobindo Pharma: The brokerage is 'overweight' on the stock with a target at Rs 1,100 per share. It added that the firm posted another good quarter despite higher R&D.

Credit Suisse on Aurobindo Pharma: The brokerage has an 'outperform' call on the stock with a target at Rs 1,080 per share. It likes the stock on account of large injectible business, improving quality of filings.