Neutral on Dr Reddy's Laboratories with a target at Rs 3070: Credit Suisse

Credit Suisse remains neutral rating on Dr Reddy's Laboratories post March quarter results but slashed its 12-month target price to Rs 3070 from Rs 3240.

The global investment bank is of the view that earnings are yet to bottom out but faster-than-expected remediation is encouraging. It slashed FY17/18E EPS by 18% and 6% respectively as remediation cost is higher than expected.

Credit Suisse also slashed its earnings forecast as they incorporate hit in Valcyte and Vidaza.