Cipla shares ratings cut by Morgan Stanley, CLSA on earnings
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Morgan Stanley and CLSA downgraded their ratings on Cipla Ltd shares a day after the Indian drugmaker reported a slower-than-expected rise in its October-December net profit.
Morgan Stanley cut its ratings to "equal-weight" from "overweight", citing slower growth prospects on the back of limited niche drug launches, lower margins and a higher tax rate. The bank also cut its price target to 414 rupees from 437 rupees.