Merill Lynch ups Lupin stock price target

Bank of America Merrill Lynch has raised Lupin Ltd’s share price target to 530 rupees from 480 rupees on upward revision in earnings per share (EPS) on expectations of stronger growth in generics in the U.S and Japanese markets in FY13.

In its note,Merrill Lynch said the drug maker had consistently grown faster than the industry in the last few years due to higher exposure to fast-growing chronic therapies.

At 10.27 a.m.,Lupin stock was up 1.91 percent at 453 rupees.