MUMBAI Bank of America-Merrill Lynch downgraded its rating on Dr. Reddy's Laboratories Ltd(REDY.NS) to "neutral" from "buy", saying "a slight" increase in core profit estimates was being offset by a fading U.S. drug pipeline and moderating growth.
"We expect multiples to be capped due to modest growth prospects," the investment bank said in an email to clients on Friday.
(Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)
Trending On Reuters
Tata Motors shares fell more than 5 percent on Wednesday after a surprise drop in its bottom line, hit by weak demand for luxury Jaguars and Range Rovers in China, where automakers are under pressure to cut prices. Full Article
Factbox - China's leaders sign $80 bln of deals with India, Brazil and others Full Article