Top takeaways from Q1FY17 : Reported in?line sales performance by delivering healthy 40% yoy growth. That was mainly led by strong gGlumetza/gFortamet and Gavis integration in US. EBITDA missed 200bps to our estimate despite strong US sales, due to price erosion in US, expansion in domestic field force (by 1000 nos in Q4) and one?off IND?AS led inventory adjustment in Gavis. Guides for 25 ANDA launches in US in FY17 but expects delayed launch of key products like – gRenvela, gRenagel and gWelchol in FY18 (vs. H2FY17 earlier) and continued pricing pressure sequentially. Also lacks clarity about complete resolution of 483 in Goa. Hence, Phillip Capital cut FY17/FY18 US sales estimates by 7% and earnings estimates by 4%. Thus reduce their TP to Rs 1650 (3% upside), i.e 22x FY18 vs. Rs 1710 earlier and remain Neutral.Trendlyne has 18 reports on LUPIN updated in the last year from 8 brokers with an average target of Rs 1773.9. Brokers have a rating for LUPIN with 5 price downgrades,2 price upgrades,1 upgrade in past 6 months and 1 downgrades,7 price downgrades,2 upgrades,4 price upgrades in past 1 Year.