Lupin -Robust US franchise, strong margins here to stay; upgrade to BUY :: ICICI Securities,

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Robust US franchise, strong margins here to stay; upgrade to BUY
The Q2 numbers had a kind of slowdown effect after a relentless run
during the last few quarters. However, the foot is definitely not off the gas
with scores of niche launches scheduled, especially in the US. Focus on a
few lucrative therapies such as OC, derma, ophthalmic, etc and niche
filings (which include 31 FTFs) are likely to maintain the growth tempo in
the US despite the slowdown in the branded space. India continues to do
well and Japan is showing signs of a revival. With piling up cash, small
acquisitions seem inevitable. Our new target price stands at | 1590, based
on 22x FY17E EPS of | 72.3

Link
http://content.icicidirect.com/mailimages/IDirect_Lupin_Q2FY15.pdf