BofA-Merrill downgrades Dr Reddy's to 'neutral'

MUMBAI Fri Feb 15, 2013 9:44am IST

A pharmacist gives free medicine provided by the government, to a patient inside a government hospital in Kolkata July 3, 2012. REUTERS/Rupak De Chowdhuri/Files

A pharmacist gives free medicine provided by the government, to a patient inside a government hospital in Kolkata July 3, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

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MUMBAI (Reuters) - 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)

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