Analysts at Berenberg reiterated their 'hold' rating and 2,100.0p target price on Hikma Pharmaceuticals on Monday, saying a "lighter" second half was playing out in its injectables unit. Berenberg said that although Hikma shares have given up some of their gains over the past month, down roughly 11% over the period, these moves were similar to those of generic and speciality pharma sector peers. "Our price target is unchanged and, with shares trading on c8x EV/EBITDA (in line with sector peers), valuation looks fair. Any visible improvement or deterioration in the US injectables business would make us revisit our investment case," said Berenberg. "Hikma provided a better-than-expected margin target for the branded division of 23%, thanks to strong MENA (Middle East and North Africa) demand and operational efficiencies," Berenberg said.
