Investec has upgraded shares of Lupin to a ‘Buy’ rating from its earlier ‘Hold’, and has raised the price target to ₹2,265 from ₹2,100 earlier.
The new target suggests a further upside of 14% from the stock’s closing price on Thursday.
The brokerage said that Lupin is well placed to ride the upcoming GLP-1 opportunity in India. Post the recent correction, Investec views valuations as reasonable.
Lupin shares have corrected 17% from their all-time high of ₹2,402.90, which was hit on January 2 this year.
After this correction, shares of Lupin are trading at a FY27 price-to-earnings multiple of 22.5 times, which is well below the five-year average multiple of 32 times.
In its base case, Investec projects a strong FY26, followed by moderation in FY27, with EPS growth resuming in FY28.
Of the 40 analysts covering Lupin, 26 have a ‘Buy’ rating, 11 have a ‘Hold’, and three others have a ‘Sell’ recommendation on the stock.
Lupin shares are up 2.86% at ₹2,044.80. The stock has declined over 14% so far in 2025.
