Syngene shares can still rally 70% despite Macquarie cutting price target; here’s why

Shares of Syngene International Ltd. gained as much as 2% in early trade on Wednesday, June 24, before giving up most of those gains. The stock slipped nearly 2% from its intraday high as the session progressed.Brokerage firm Macquarie has retained its ‘Outperform’ rating on the stock, although it has lowered its price target to ₹735 per share.

Despite the target cut, Macquarie’s revised estimate still implies an upside potential of nearly 70% from Tuesday’s closing price.
In its note, the foreign brokerage said the recent correction in Syngene’s share price adequately reflects the near-term headwinds facing its contract manufacturing organisation (CMO) business from a single product. However, it believes the market is overlooking several medium-term growth drivers.Macquarie said that the company’s new management team is focused on strengthening commercial execution and improving capacity utilisation, which could support profitability and enhance return on capital employed (ROCE) over time.

The brokerage believes these initiatives, along with the company’s longer-term growth opportunities, are not fully reflected in the current valuation.

Shares of Syngene International were trading 0.70% higher at ₹439.15. The stock has declined more than 32% so far in 2026.