CLSA sets Ranbaxy at 8216;underperform8217;

CLSA has cut traget price of Ranbaxy Laboratories to 380 rupees from 553 rupees and has maintained 8216;underperform8217; rating,as it believes after launch of Lipitor there is limited catalyst for the stock to perform.

Delays in resolution of US FDA issues and limited visibility on pipeline beyond CY12 are major dampeners for the stock,said CLSA in a note. The company has seen limited progress in Indian market despite substantial investments,it said. Adverse regulatory changes in Romania would negatively impact growth as well. At 10.21 AM,the stock was at 403.80 rupees down 0.54 per cent.