“Maintained 'Buy' rating on Cipla with a target price of ₹1,700, implying a 20.1% upside from Tuesday's closing price of ₹1,415. Citi expects the latest USFDA observations at the Pithampur facility to have no impact on near- to medium-term earnings, as key pipeline approvals are linked to other facilities. A resolution of regulatory issues at Pithampur would be a significant longer-term positive for managing key respiratory product supplies.”