Pharma Major Lupin Rallied 4.4 Percent In Morning After Morgan Stanley

Pharma major Lupin rallied 4.4 percent in morning after Morgan Stanley upgraded its rating on the stock to overweight from equalweight earlier and also increased price target by 40 percent, citing reasonable valuations.

After a sharp fall in earnings and stock price over the past four years, Lupin now appears well positioned for recovery, the global brokerage said, adding niche products should drive an earnings revival in F20-21, and visibility is improving all the way to F23.

Hence, it increased price target to Rs 1,094 from Rs 783 earlier.

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