Downgrade Cairn India to neutral with target at Rs 160: UBS

UBS says downgrade Cairn India to neutral from buy with target at Rs 160 from Rs 165.
Earnings of Cairn India impacted by 20 per cent QoQ fall in Rajasthan oil price realizations. An impairment charge of Rs 11,700 cr resulted in loss in 4Q. Cut FY17-18 EPS by 35-45 per cent due to flat production at Rajasthan and rising opex. Merger is expected to be a prolonged process