Macquarie upgrades Lupin to 'outperform'

Reuters Market Eye - Macquarie upgrades Lupin Ltd to "outperform" from "neutral" and raises its target price to 1,100 rupees from 985 rupees after the drug maker's January-March earnings beat consensus estimates.

Macquarie says accelerating U.S. generic sales are providing comfort about margins.

"Given its execution track record, strong balance sheet, earnings momentum and defensive characteristics, LPC (Lupin) should sustain premium valuation of around 20 times FY15 earnings," Macquarie wrote.

Lupin shares down marginally as of 10:32 a.m.

(Reporting by Abhishek Vishnoi)