HSBC upgraded Lupin to 'overweight' from 'neutral', saying the drug maker's July-September earnings were higher than expected, while shares had under-performed peers over the past three months.
HSBC also raised its target price to Rs 650 from Rs 640, adding Lupin is seeing "healthy" sales across regions, while highlighting near-term launches in the drug maker's US pipeline.
The drug maker on Tuesday said its July-September quarter net profit rose 9% to Rs 291 crore.
Lupin shares fell 0.3% to Rs 561.15 at 0348 GMT.
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