by Sam Collins | July 16, 2013 1:24 am
Dr. Reddy’s Laboratories (RDY) — This India-based manufacturer of generic pharmaceuticals and ingredients was on our list of Top Stocks to Buy for July.
S&P highlights RDY as “one of the stronger growth stories in the global generics space.” It has 65 new generic FDA filings, including new versions of Singular, Lipitor, Arista and Propecia. It has extended its reach into Russia and other emerging markets, and also increased its U.S. sales.
Earnings for fiscal year 2013, ended in March, were $1.80. Consensus EPS estimates for fiscal 2014 are $1.99, and $2.35 for fiscal 2015.
The stock is completing a huge, 18-month saucer with the strong possibility of a breakout at $39-$40.
On Monday, the stock closed at $39.25 and volume has been increasing. The target for RDY is $48; however, long-term investors should hold RDY for participation in its expansion into emerging market countries.
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