Dr Reddy's extends falls; Morgan Stanley, BofA downgrade

Shares in Dr. Reddy's Laboratories Ltd slip 2.3 percent to 2,551 rupees, adding to their 4.1 percent fall on Tuesday as the drugmaker continues to be hit by disappointment over its January-March earnings.

Bank of America-Merrill Lynch downgraded the stock to "underperform" from "buy," and cut its price target to 2,550 rupees from 3,180 rupees, citing a "moderation in core earnings and limited upside."

Morgan Stanley downgraded Dr. Reddy's to "equalweight" from "overweight" and lowered its price target to 2,719 rupees from 3,078 rupees, saying earnings growth could be hit by a "high base in the U.S., limited new launch visibility and rising R&D spending."

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Kerala, god’s own country, will always be free spirited

    Candy is dandy, but liquor is quicker,” the celebrated American poet Ogden Nash had once said famously.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>:The over-the-top effect effect

The overconfidence effect is a bias in which someone’s subjective ...

Parvez Imam

The absoluteness in representations

When a representation replaces the original object or subject, a ...

Dharmendra Khandal

Religion and conservation must go hand in hand

In 1986, former president of WWF International, HRH Prince Philip, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture