Citigroup raises its target price of drug maker Lupin to Rs 640 from Rs 570, while maintaining its "buy" rating, after meeting with management. Lupin shares last up 3.1 per cent at Rs 572.05.
"Our meeting with Lupin reinforces our confidence on the company's ability to sustain its excellent track record on growth & capital efficiency," Citigroup says in a note dated Monday.
Citi expects "healthy" growth and "improved profitability" in each of its key markets: India, the United States, and Japan.
However, Citi lowers its fiscal 2013-14 EPS forecast for Lupin by around 5 per cent due to higher effective tax rate assumptions.
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