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Shares of Lupin Ltd has risen as much as 4.5 per cent to ₹868.95 in early trade, their biggest intra-day per cent gain since Oct. 29, 2018.
Morgan Stanley has upgraded Lupin to 'overweight' from 'equal-weight' rating, and raised price target to ₹1.094 from ₹783.
Earnings concentration risk has normalised and the new product catalysts are in sight to revive earnings, says Margan Stanley.
The stock has a forward price-to-earnings of 36.84, more than double the sector average of 16.71.
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