Downgrade the stock to Neutral with a TP of Rs 840 (15x Sep'20E EPS). While Aurobindos (ARBP) Sandoz acquisition may not lead to a disaster like peers (Teva, Endo, Hikma and Lupin), it could considerably hamper the growth in the medium term. Our analysis of Sandozs large oral and derma portfolio suggests that it is likely to face severe competition in the next 2-3 years.