Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com - HSBC raised its price target on Glenmark Pharmaceuticals (NSE:GLEN) Ltd. (NS:GNP) to INR2,275 from INR1,720 while maintaining a Buy rating.
The price target increase reflects HSBC’s higher valuation multiple of 31x (up from 25x) for the base business, citing improved R&D funding outlook, better prospects for the core India business, and validation of Glenmark’s proprietary BEAT protein R&D platform through its AbbVie (NYSE:ABBV) deal.
HSBC has increased its FY26-28 EPS estimates by approximately 2-4%, primarily accounting for better sales growth in the India segment and resulting profitability improvements.
Glenmark management had previously guided for EBITDA margins exceeding 23% by FY27, which HSBC notes will largely be driven by an easing R&D burden that forms part of the firm’s potential net present value calculation.
HSBC has not yet integrated the AbbVie deal financials into its estimates as it awaits deal closure.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.