JM Financial sees upside of up to 28% in shares of Dr Reddy's Laboratories and Aurobindo Pharma over the next 12 months, retaining its Buy ratings on both drugmakers amid expectations of stronger earnings growth and business diversification.
The brokerage maintained its Rs 1,489 target for Dr Reddy’s, implying 27.7% upside, and raised Aurobindo Pharma’s target by 4.3% to Rs 1,975, indicating a potential gain of 17.6%.
