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UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Dr. Reddy's Laboratories After Disappointing 3Q

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In a report published Friday, Citigroup reiterated its Buy rating on Dr. Reddy's Laboratories (NYSE: RDY), and raised its price target to $39.36.

Citigroup noted, “We rate DRL Buy with a Target Price of $39.36. REDY, in our view, is among the best placed to capitalize on the multiple growth drivers for pharma over the next 3-4 years. We expect the U.S. (limited competition oppys, rising share in old products), India (sales force addition, new launches) and Russia (OTC push, fast growing market) to drive growth in the medium term, while biosimilars and the emerging markets deal with GSK contribute longer-term. With several catalysts lined up & attractive valuations, we think it is a good time to buy the stock.”

Dr. Reddy's Laboratories closed on Thursday at $34.82.

Latest Ratings for RDY

DateFirmActionFromTo
Sep 2019UpgradesUnderperformOutperform
Jun 2019Initiates Coverage OnEqual-Weight
May 2019DowngradesOverweightEqual-Weight

View More Analyst Ratings for RDY
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

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