Maintain BUY rating with a revised TP of Rs. 1,650 (22x Jun19E). Post a disappointing 1QFY18, Lupins (LPC) management has guided for a flat-to-low single-digit decline in the top-line in FY18, and revised EBITDA margin guidance down to 21-23% from 24-26%. However, they are also confident that the worst is now behind them, with the US business likely to resume a sequential upward trajectory from 2HFY18. With 30-35 launches planned in the US market in the next 12-18 months, higher visibility on FTF launches, and a clear regulatory slate, we believe that any further correction in the stock will provide a good opportunity for investors to accumulate the stock.