Religare Research has downgraded Lupin to 'Hold' from 'Buy' with revised March 2016 price target of Rs 1,770.

Commenting on the investment rationale, the stock broker said, ''Lupin reported a dismal Q4 with its sales/EBITDA/PAT missing RCMLe by 3%/ 13%/10% on weakness across markets, barring India.

With key product launches (Nexium, Renagel, Renvela, Welchol) deferred to H2FY16 (from H1), earlier-than expected competition in generic Suprax and likely higher R&D spends.

We expect FY16 growth to moderate off a higher base. Valuing the stock at 24xFY17E EPS, we see limited upside potential from here on.''

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