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

In a report published Friday, Citigroup reiterated its Buy rating on Dr. Reddy's Laboratories 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.