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

Says slight increase in core profit estimates was being offset by fading US drug pipeline, moderating growth

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Reuters Mumbai
Last Updated : Feb 15 2013 | 9:19 AM IST
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 US 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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First Published: Feb 15 2013 | 9:14 AM IST

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