UPDATE: Credit Suisse Upgrades Dr. Reddy's Laboratories Limited to Outperform on Metropol Market Share

Credit Suisse raised its rating on Dr. Reddy's Laboratories Limited

from Neutral to Outperform. Credit Suisse said, "Our positive stance on Dr. Reddy's is driven by a strong pick-up in US sales in the coming quarters. Dr. Reddy's market share on Metoprolol has increased to 15% vs. expectation of 8-10%. Metoprolol market size is large at US$450 mn and is a high-margin product. Our interactions with Intas and Cadila suggested that Metoprolol approval for them is not a near-term event and therefore for at least the next six months Dr. Reddy's should continue to enjoy a high market share on Metoprolol." Dr. Reddy's Laboratories Limited closed at $34.25 on Wednesday.