* 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.
