Deutsche Bank Downgrades Dr Reddy's Labs (RDY) to Hold
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Deutsche Bank downgrades Dr Reddy's Labs (NYSE: RDY) from Buy to Hold.
Deutsche analyst says, "Despite a favorable summary judgement regarding omeprazole OTC on 12 March 09, DRL only recently received US FDA approval for the product. We expect a gradual market share gain and significant upside in the next 3-4 years. We raise estimates by up to 16% and raise our SOTP target price by 12% to INR 725. With the stock running ahead of the buoyant equity markets, we downgrade to Hold...The stock is attractive on a cash PE basis, but with the stock price spiking even ahead of the buoyant equity market resulting in limited upside potential, we downgrade our rating to Hold. Upside and downside risks relate to approval timelines and quantum of success on its high-potential one-off drivers, price pressure for generics and currency volatility vis-à-vis expectations."
To see more analyst ratings on RDY Click Here.
Dr. Reddy’s Laboratories Limited (Dr. Reddy’s) is a global pharmaceutical company with proven research capabilities.
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