Citigroup reissued their buy rating on shares of Dr. Reddy’s Laboratories Limited (NYSE: RDY) in a report released on Friday.
“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.,” Citigroup’s analyst wrote.
Shares of Dr. Reddy’s Laboratories Limited traded down 0.06% during mid-day trading on Friday, hitting $33.86. Dr. Reddy’s Laboratories Limited has a 52 week low of $27.28 and a 52 week high of $36.73. The stock’s 50-day moving average is currently $35.29. The company has a market cap of $5.751 billion and a P/E ratio of 21.11.
A number of other analysts have also recently weighed in on RDY. Analysts at Bank of America downgraded shares of Dr. Reddy’s Laboratories Limited from a buy rating to a neutral rating in a research note to investors on Friday. They now have a $36.72 price target on the stock. Separately, analysts at Zacks downgraded shares of Dr. Reddy’s Laboratories Limited from an outperform rating to a neutral rating in a research note to investors on Tuesday, January 1st. They now have a $37.70 price target on the stock. Finally, analysts at Credit Suisse upgraded shares of Dr. Reddy’s Laboratories Limited from a neutral rating to an outperform rating in a research note to investors on Thursday, December 13th.
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