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BUZZ-India's Dr. Reddy's Labs rises; Morgan Stanley raises rating
September 21, 2017 / 4:22 AM / 3 months ago

BUZZ-India's Dr. Reddy's Labs rises; Morgan Stanley raises rating

** India’s Dr. Reddy’s Laboratories Ltd rises as much as 3.5 pct to 2,396.25 rupees, highest since Aug 3

** Stock top pct gainer on broader NSE index

** Morgan Stanley raises rating to “overweight” from “equal-weight” and price target to 3,133 rupees from 2,798 rupees

** Dr. Reddy’s drug pipeline news could intensify and come to fruition in next 4-8 quarters; its U.S. pipeline has strengthened significantly over last three years - Morgan Stanley analysts

** Its U.S. business accounts for about 50 pct of total revenues with higher margins than the consolidated company - analysts add

** Of the 40 brokerages covering the stock, only nine rate the stock “buy” or higher, while 15 have “sell” or lower ratings; median PT 2,455 rupees - Thomson Reuters

** As of Wednesday’s close, stock had fallen 24.4 pct this year, compared with 9.2 pct decline in Nifty Pharma index

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