HSBC ups Ranbaxy to overweight on generic Lipitor announcement

Reuters : Mumbai, Mon Feb 25 2013, 10:28 hrs

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HSBC raised its rating on shares of Ranbaxy Laboratories Ltd to 'overweight' from 'underweight' after the Indian drugmaker said it would resume production of a generic version of cholesterol fighter Lipitor for sale in the United States.

HSBC added other factors behind its upgrade were share valuations after a recent correction, as well as the near-term catalysts such as the launch of additional generic drugs and the probability of a recovery in U.S. sales.

Ranbaxy shares were up 3.2 percent as of 0356 GMT.

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