At the current valuations at 1/0.9x FY13/14E ABV looks fairly priced looking at the impending risks. Downgrade to REDUCE and target price of Rs 30, Emkay Global Financial Services research report.
Motilal Oswal is also bullish on IPCA Laboratories and has recommended buy rating with a target price of Rs 523.
"IPCA Labs' recorded better than expected revenue growth - up 19.7% YoY to Rs 6.34bn. Growth was primarily driven by rebound in domestic formulation (up 18.6% YoY) and 58% growth in export API's (ramp-up in recently added capacities as well contribution from Tonira Pharma)."
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