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Bank Of America-Merrill Lynch has downgraded Cadila Healthcare stock to ‘underperform’ from ‘buy’ and has cut target price to 900 rupees from 975 rupees citing sluggish sales growth in domestic,U.S. markets.
The company on Tuesday reported a mere 2.34 percent rise in April-June stand-alone net sales to 5.67 billion rupees . Lower sales growth momentum and USFDA Warning letter (injectibles facility) would pose near term overhang and limit upside potential,the Wall Street bank said in a note. Lower-than-expected impact on volumes due to price increase in consumer wellness business may also provide upside risk,it added.
At 9.50 a.m. shares were down 6.78 percent at 887.45 rupees.
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