Reco price Rs333, Call closure price Rs390
We had recommended a BUY on Cipla in a detailed report dated 22 December, 2011 with a target price of Rs394. We continuously maintained our Buy rating in successive updates. We recommend investors to book profit at current levels as current risk-reward has become more balanced for Cipla, implying low probability of further relative out-performance. In the longer term, however, we continue to remain positive on the company.
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