Citi resumes coverage on Sun Pharma with a 'buy' rating

Says it stands out in the sector due to superior business mix

Citigroup resumes coverage of Sun Pharmaceutical Industries Ltd with a "buy" rating and a target price of Rs 970.

Citi says Sun Pharma "stands out" in the sector due a "superior" business mix, with around 80% of its revenue coming from the United States and India, and growing fast in the rest of the world.

The investment bank also notes Sun's "excellent" track record on financial metrics, and expects growth to stay "strong" and premium valuations to sustain.

Sun shares were down 0.3% as of 3.26 pm, outperforming a 1.5% fall in the Nifty.