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Morgan Stanley, CLSA cut India's Cipla ratings on earnings

Source : REUTERS
Last Updated: Thu, Feb 07, 2013 05:52 hrs
Hamied, chairman and MD of Indian generic drugmaker Cipla, poses for picture in front of cabinet containing company's products before interview in Mumbai

Morgan Stanley and CLSA downgraded their ratings on Cipla Ltd a day after the Indian drugmaker reported a slower-than-expected rise in its October-December net profit.

Morgan Stanley cut its ratings to "equal-weight" from "overweight", citing slower growth prospects on the back of limited niche drug launches, lower margins and a higher tax rate. The bank also cut its price target to 414 rupees from 437 rupees.

CLSA cut its ratings on Cipla to "underperform" from "outperform", citing disappointing margins in the October-December quarter and expectations near-term earnings growth will be slower due a higher base. The bank cut its price target to 415 rupees from 475 rupees.


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