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BofA-Merrill downgrades Dr Reddy's to 'neutral'
February 15, 2013 / 3:22 AM / 5 years ago

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

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.

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

    “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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