Laurus Labs shifts gears as CDMO emerges as key growth driver; Nuvama sees 24% upside

Nuvama Institutional Equities has initiated coverage on Laurus Labs with a ‘Buy’ rating and a target price of Rs 2,520, implying a 24% upside from the current market price. The brokerage expects the drugmaker’s shift from its traditional anti-retroviral (ARV) business towards contract development and manufacturing (CDMO) to drive its next phase of growth.