IIFL has initiated an add rating on Indegene with a target price of Rs 750, indicating a potential 8% upside from the current market price of Rs 692. The brokerage views Indegene as a niche player in the life sciences digitization space, operating at the intersection of healthcare and technology.
IIFL expects Indegene to deliver a 12%/20% CAGR in USD revenue and EPS, respectively, over FY24-27. However, near-term growth is expected to remain subdued due to issues with large clients and the company’s post-IPO rally, which limits further potential upside in the short term. The risk-reward profile remains balanced.
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