JEFFERIES ON CIPLA ; HOLD | TP RAISED TO ₹1,270 FROM ₹1,170

• Q2 FY27 results missed expectations, but current valuations limit further downside. • Management retained its US quarterly sales target of $250 million by Q4 FY27. • FY27 EBITDA margin guidance maintained at 18.5–20%. • Jefferies believes achieving the $250 million quarterly US sales target remains challenging. • Biosimilars and complex pharmaceutical products expected to create new long-term growth opportunities. • Jefferies maintains HOLD rating despite raising its target price by 8.5%, citing near-term US execution challenges and attractive valuations.

CIPLA LTD

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