Sun Pharma added to Citi's pan-Asia focus list with 35% upside

Shares of Sun Pharmaceutical Industries Ltd

., India's largest drugmaker, will be on investors' radar after global brokerage firm Citi reiterated its 'Buy' rating and added the stock to its Pan Asia Focus List.

The brokerage has a price target of ₹2,180 per share, implying an upside of nearly 35% from Wednesday's close.

Citi expects Sun Pharma's innovation revenues to climb to $3.2 billion by FY30, up from $1.2 billion in FY25, driven by strong formulary coverage for Leqselvi, Ilumya's PsA approval, and the expansion of US Medicare coverage.

The brokerage expects FY27/28 earnings per share to be 10-18% ahead of Street consensus and said that valuations remain attractive following concerns over FY26 earnings.

Last month, BofA Securities downgraded Sun Pharma to 'Underperform' and also cut its price target by 9% to ₹1,570. The brokerage mentioned that a potential risk to Sun Pharma's consensus earnings, coupled with its premium valuations are cited as the two important factors behind the downgrade.

Out of the 44 analysts that have coverage on Sun Pharma, 35 of them have a 'Buy' rating on the stock, five have a 'Sell' rating, while four have a 'Hold' recommendation.

Shares of Sun Pharma ended 0.64% higher on Thursday at ₹1,620.80. However, the stock is down 14% on a year-to-date basis.