Dr. Reddy’s price target raised to INR 5,500 from INR 5,220 at BofA

BofA analyst Neha Manpuria raised the firm’s price target on Dr. Reddy’s to INR 5,500 from INR 5,220 and keeps a Buy rating on the shares, calling the stock “a preferred pick in the sector,” citing growth that will benefit from an improving U.S. generic environment, positive momentum in India and emerging markets and limited downside risk from a delay in key launches. The firm attributes an assumption of lower erosion in the U.S. for its higher target.