>RANBAXY LABORATORIES: Multiple triggers ahead; Upgrade to Hold

■ Worst is behind; Multiple triggers ahead
■ These triggers present potential upsides of Rs120
■ Factored in only triggers like - hive-off of NCE R&D and monetization of Aricept FTF- which have already kicked in
■ Upgrade to ‘Hold’ and raise target price to Rs520. Have a positive bias on the stock but will factor in upsides only on occurrence of triggers

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