HSBC upgraded Dr. Reddy’s (RDY) to Buy from Hold with a price target of $16.90, up from $14.44. The firm believes semaglutide sales will help Dr. Reddy’s to return to earnings growth path within a year of launch in key markets. While a recent court order in India has restrained Dr. Reddy’s launch of semaglutide in export markets until the patent expiry of the reference brand in India in March 2026, the company will be among the first companies to launch in key markets opening up in 2026, the analyst tells investors in a research note. The firm sees a semaglutide-led earnings recovery for the company.
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