India's Mankind Pharma hits record high after Investec sets Street-high price target
** Shares of Mankind Pharma MNKI.NS rise as much as 7.05% to an all-time high of 2,597 rupees apiece; stock last up 3.5%
** Rise after Investec initiates coverage on pharma company with a "buy" rating
** Investec sets a Street-high target price of 3,300 rupees, implying an upside of 37.7% in the next 12 months
** MNKI's plans to acquire Bharat Serums and Vaccines will help boost earnings - brokerage
** Forecasts 18% EBITDA compound annual growth rate for fiscal years 2024 to 2027
** Mean recommendation of 12 analysts tracking MNKI is "buy"; median TP is 2,320 rupees, about 30% lower than Macquarie's target price - LSEG data
** MNKI shares up 27% in 2024, underperforming 36% rise in pharma index .NIPHARM of which it is a constituent
Reporting by Bharath Rajeswaran in Bengaluru
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