* Jefferies upgrades Cairn India Ltd to "buy" from "hold" and raises its target price to 365 rupees from 343 rupees, citing attractive valuations. * The investment bank says current valuations have discounted most production-related risks, while continued high crude price or further rupee depreciation could provide significant upside in the stock price. * Jefferies adds current price provide a good entry opportunity with limited downside risk.
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