** Shares of Dr Reddy's Laboratories REDY.NS down about 1% at 1,344.5 rupees

** Jefferies maintains "underperform" rating with PT of 1,040 rupees, says "risk-reward is unfavourable"

** Pending approvals and competition for semaglutide in Canada will make it difficult for co to sustain its market position, brokerage says

** Jefferies says it has limited visibility/confidence in REDY's pipeline, sees ~$180 mln shortfall that new product launches may struggle to fill

** Emkay revises TP to 1,300 rupees from 1,200 rupees, maintains "reduce" rating

** Flags measured optimism around on-time approval of Abatacept; says past US FDA rejections linked to manufacturing issues and repeated problems at Bachupally facility raise concerns

** YTD, stock up 5.60%