We lower our revenue/adj.PAT estimates for FY19E by 14%/46% to factor in sustained pricing pressure in key products in the US, delay in meaningful product launches, intense competition in generics, weak growth in Japan and higher input costs. We maintain our HOLD' rating on the stock with a revised rolled over target price (TP) of Rs. 849 based on 18.5xFY20E EPS (18xFY19E earlier). US pain continues; Expects recovery in FY20E Lupin's revenue growth remained flat YoY in Q1FY19 as strong 28% YoY growth in domestic formulation sales (~32% of sales) was offset by weak 26% YoY decline in US sales (31% of sales). The subdued...