Dr. Reddy’s downgraded to Neutral from Buy at Nomura

Nomura downgraded Dr. Reddy’s (RDY) to Neutral from Buy with a INR 1,500 price target The firm thinks the Street is concerned about higher contribution from generic Revlimid that could start declining in fiscal 2026, saying Dr. Reddy’s overheads have increased significantly in the recent past. The company’s overhead spends remain high and revenues from new initiatives have not fully played out, the analyst tells investors in a research note.