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The brokerage has an 'add' call for Sun Pharma, with a price target of Rs 1,150 per stock, reflecting an upside potential of 16.5 percent from the closing price on June 8. The company is the brokerage firm's top pick in the pharma sector.
Not just pharma companies, JM Financial also sees a bright future for diagnostics as well as hospital players in FY24
Despite a positive stance, Nuvama does see regulatory challenges as an overhang for the pharma industry.
Many brokerages see margin pressure and expensive valuations impacting the stock while some others are betting on branded business and a steady domestic market to provide a boost.
While most brokerages are positive on Aurobindo Pharma's strong investments in biosimilars, Pen-G, injectables and peptides, the current stock valuation remains a key concern for others.