HSBC ups Ranbaxy to overweight on generic Lipitor announcement

Last Updated: Mon, Feb 25, 2013 04:59 hrs
Hamied, chairman and MD of Indian generic drugmaker Cipla, poses for picture in front of cabinet containing company's products before interview in Mumbai

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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