Barclays upgrades Dr Reddy's to overweight

Barclays upgrades Dr. Reddy's Laboratories Ltd to "overweight" from "equalweight" while maintaining its target at 2,801 rupees, saying recent share falls are overdone.

Dr. Reddy's shares are down 8.6 percent so far for the year, as part of a shift to domestic cyclicals from exporters and defensive sectors, compared to a 15.6 percent gain in the Nifty.

Barclays says Dr. Reddy's is now trading at a discount to historical valuations and its peers, while it remains "positive" on the drug-maker's fundamentals.

Dr. Reddy's shares were up nearly 1 percent as of 10:18 a.m.

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