Laurus Labs shares tumble as Jefferies cuts target price
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Choice Equity Broking, too, expects muted growth for the drugmaker because of a decline in margins due to a change in product mix and operating de-leverage
The shares of drugmaker Laurus Labs tumbled on January 31 after brokerage firm Jefferies slashed the target price citing an uncertain growth outlook and a cut in the company’s margin guidance.
At 12.39 pm, the stock was trading 3.10 percent lower at Rs 331.20 on the National Stock Exchange. The fall in the stock was also accompanied by strong volumes, which were nearly three times the 20-day daily traded average volumes.
While the company’s ARV (anti-retroviral) formulation business, which has been a pressure point for the past few quarters, witnessed a sequential improvement in the December quarter, the growth in other verticals began to lose steam, which dented its EBIDTA margins.
On that account, the company lowered its margin guidance for the current financial year to 28 percent from 30 percent.
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