HSBC has upgraded Lupin to a ‘Buy’ rating and increased the target price to ₹2,400 per share, indicating a potential 14% upside from the current market price (CMP) of ₹2,097.20. The brokerage notes that Lupin’s Q2 operational performance exceeded expectations, driven by an improved product mix and enhanced cost efficiency. The company has provided guidance for an EBITDA margin of 22-23% in FY25. HSBC highlights that the development of complex injectables in the U.S. market is a key factor for future growth.
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