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Downgrade Alert for Dr Reddys Laboratories (RDY)

By Nick Russo

Dr Reddys Laboratories (NYSE:RDY) was downgraded from Hold to Reduce at HSBC today. The stock closed yesterday at $43.82 on volume of 801,000 shares, above average daily volume of 303,000.

Over the past year, Dr Reddys Laboratories has traded in a range of $40.68 to $68.00 and closed yesterday at $43.82, 8% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has remained constant.

Dr Reddys Laboratories (NYSE:RDY) has potential upside of 18.7% based on a current price of $43.82 and analysts' consensus price target of $52.00. The stock should find initial resistance at its 50-day moving average (MA) of $45.99 and further resistance at its 200-day MA of $52.60.

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

SmarTrend is monitoring the recent change of momentum in Dr Reddys Laboratories. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Dr Reddys Laboratories in search of a potential trend change.

Keywords: analyst upgrades/downgrades dr reddys laboratories

Ticker(s): RDY