Jefferies upgrades Cairn India Ltd (CAIL.NS) 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.