Glenmark Pharma – Sell with TP of Rs.208

Ø We recommend to sell Glenmark Pharmaceuticals at the current price of Rs.260. We expect that the price would come down to Rs.208. Our TP is for a period of one year.

Ø The company is likely to miss its annual guidance for FY 09.

Ø We suggest to sell the stock because the guidance miss or a probable downward revision of earnings are not completely reflected in its current price.

Ø EPS of the current year is estimated at Rs.26.83 and it would be Rs.30.40 and Rs.38.53 respectively for FY10 and FY 11.

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