We Upgrade to Buy: We believe the risk/reward is turning favourable for Ranbaxy given the turnaround expectations from the new management. Though we remain skeptical of Ranbaxy's business model on a standalone basis, we argue that both companies will now trade in-line with one's performance impacting the other (positively/negatively). The acquisition ratio of 0.8:1x implies a target price of Rs598 for Ranbaxy (based on our Sun Pharma's target price of Rs748). The implied target price is ~5% higher than our SOTP based calculation, which we...