Hold Lupin Ltd - TP Rs.625 - Geojit BNP Paribas Financial Services

- The stock is currently traded in the range of Rs.600.

- Company's 3QFY13 sales beat 6% and PAT beat 16% largely driven by greater than expected Tricor sales in the US and forex gains of Rs.23 crore.

- Tricor is likely to see more competition and hence, current sales may not be sustainable.

- Strong flu season in the US lifted US branded sales by 27%.

- The company plans to launch 50 products in the US over the next few years, which is expected to help the US core business to grow by more than 30%.

- Indian growth is expected to be over 18% in FY14.

- US-brands should continue to be driven by Suprax as Antara faces growth challenges from generic entry in competing products.

- It seems that the positives are priced in the current stock price and upside looks limited. Hence, 'hold' rating is maintained.

Source : Equity Bulls

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