Espirito Santo marks Cipla 8216;buy8217;

Espirito Santo Investment Bank has initiated coverage on Cipla with a buy rating and target price of Rs 380 citing improving operational performance and growing inhaler franchise.

The real gem in Cipla is its respiratory franchise,which we believe offers a sustainable competitive advantage that has not yet been fully appreciated by the market,the bank said in a research note.

It sees inhalers8217; valuation impact on the company at 60 rupees per share. At 1:41 pm,shares of Cipla were up 0.72 per cent at 334 rupees.

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