Citi analyst Preshant Nair says shares of Dr. Reddy’s (RDY) are rallying after CNBC reported of a potential generic semaglutide approval in Canada. While a positive if confirmed, today’s rally in Dr. Reddy’s “overstates any potential upside,” the analyst tells investors in a research note. Citi keeps its fiscal 2028 product revenue estimate of $50M, noting the market will have six players. The firm reiterates a Sell rating on Dr. Reddy’s.
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