Sharekhan has given Buy recommendation for Biocon with a target price of Rs. 470 in its research report issued on Jul 23, 2021

Sharekhan’s research report on Biocon  

Q1FY22 was a weak quarter and results missed estimates. Performance was impacted due to 2nd wave of Covid in India. Growth outlook across all the business is strong with Biologics segment expected to be the key growth driver. In the near term interchangeability status for Semglee and approval for bAspart, if received could be the key triggers. After a weak performance in Q1FY22, management has shared a promising growth outlook which augurs well from a growth perspective.

Outlook

We retain Buy on the stock of Biocon with an unchanged price target (PT) of Rs. 470.

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