Buy Lupin, target of Rs 933: Motilal Oswal

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Motilal Oswal has maintained its buy rating on Lupin with a target of Rs 933 in its September 23, 2008. "Lupin is currently valued at 15.1x FY09E and 11.3x FY10E core earnings. We believe that the stock has the potential of getting rerated given the differentiated business model of the company. If the current INR v/s the USD rate sustains (@ Rs 46/USD), we expect an upside to our estimates. We reiterate Buy with a price target of Rs 933 (28% upside). Earlier-than-expected competition for Suprax (in US) and significant currency appreciation, are the key risks to our positive stance," says Motilal Oswal's research report.

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