Macquarie upgrades Cipla after Q1 earnings

Reuters Market Eye - Macquarie upgrades Cipla Ltd to "outperform" from "neutral" and raises its target price to 480 rupees from 400, saying the drugmaker's April-June earnings were "significantly above" their estimates.

Cipla on Saturday posted an 18.5 percent jump in April-June net profit to 4.75 billion rupees.

Macquarie slightly raises its earnings estimates for fiscal years 2014 and 2015 earnings.

"We believe acceleration in export sales and comfort around sustainability of margins should drive upside going forward," Macquarie says in a report dated Saturday.

Cipla shares ended up 1.5 percent after earlier rising as much as 4.8 percent.

(Reporting by Abhishek Vishnoi)