Share price of Poly Medicure surged over 9% on Wednesday to hit a new 52-week high of ₹1,575.
What Happened: Shares of the healthcare company are upbeat as Investec initiated coverage on the stock with a ‘buy’ rating. The brokerage has set a price target of ₹1,690, which indicates an around 17% upside from the stock’s last closing price of ₹1,438.35.
The firm said that the current macro environment is conducive to the company’s long-term growth. The firm added that the company’s ongoing capex will also double its capacities. The brokerage expects the company’s sales, EBITDA and PAT to grow at CAGRs of (compound annual growth rate) of 22%, 29%, and 31% respectively.
The analyst’s update helped the UTI Healthcare Fund-backed stock to continue making gains for the third straight session. UTI Healthcare Fund owns a 2.84% stake in the company.
Price Action: Poly Medicure’s share price was up 7.41% to trade at ₹745 in early trade on Wednesday.
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