Morgan Stanley cuts India’s GlaxoSmithKline Pharma shares to ‘under-weight’

GlaxoSmithKline's shares are constrained by its pricing policy and "full" valuations,the broker added.

Written by Reuters | Mumbai | Published:February 28, 2013 9:08 am

Morgan Stanley cut its rating on India’s GlaxoSmithKline Pharmaceuticals Ltd to “under-weight” from “equal-weight”,citing expectations the drug maker will post modest growth and saying margin expansion looked unlikely.

GlaxoSmithKline’s shares are also constrained by its pricing policy and “full” valuations,the broker added.

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