Macquarie downgrades Ranbaxy to underperform<http://latestequityresearchreports.blogspot.com/2009/03/macquarie-downgrades-ranbaxy-to.html> http://latestequityresearchreports.blogspot.com/2009/03/macquarie-downgrades-ranbaxy-to.html
Macquarie Securities has downgraded Ranbaxy Laboratories to underperform and cut its price target by 45% to Rs 146 after the US FDA invoked its Application Integrity Policy (AIP) against the company’s Ponta Sahib facility. "The AIP is invoked when a company’s actions raise significant questions about the integrity of data in drug applications. We believe the stock<http://economictimes.indiatimes.com/Markets/Indices/Macquarie-downgrades-Ranbaxy-to-underperform/articleshow/4222678.cms>will further de-rate on the back of this news," the investment bank said in a report. Macquarie believes the FDA move could put some of the company’s First-to-File (FTF) products, which are associated to the facility, at risk. "There are a few FTF original applications are from the Ponta Sahib site and if data is found to be not reliable, a fresh application would be required, thus putting the FTF status on those products at risk," the investment bank<http://economictimes.indiatimes.com/Markets/Indices/Macquarie-downgrades-Ranbaxy-to-underperform/articleshow/4222678.cms>said. Macquarie thinks that these issues will stretch past this year and impact the company’s sales in 2010. "We cut our FY09E and FY10E EPS by 15% & 13.5% respectively to account for further weakening of US business and increase in R&D expense." it added. At 12:35 pm Wednesday, Ranaxy shares<http://economictimes.indiatimes.com/Markets/Indices/Macquarie-downgrades-Ranbaxy-to-underperform/articleshow/4222678.cms>were up 1% at Rs159. Source: ET --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
