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
India has signed a pact with Boeing Co for purchasing four maritime spy planes at an estimated $1 billion, defence and industry sources said, aiming to bolster the navy as it tries to check China's presence in the Indian Ocean. Full Article