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

Last Updated: Fri, Feb 15, 2013 05:19 hrs

Bank of America-Merrill Lynch downgraded its rating on Dr Reddy's Laboratories Ltd 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.

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