Morgan Stanley cuts India's GlaxoSmithKline Pharma to 'under-weight'

Morgan Stanley cut its rating on India's GlaxoSmithKline Pharmaceuticals Ltd to "under-weight" from "equal-weight", citing expectations the drug maker will post modest growth and saying margin expansion looked unlikely.

Morgan Stanley cut its rating on India's GlaxoSmithKline Pharmaceuticals Ltd to "under-weight" from "equal-weight", citing expectations the drug maker will post modest growth and saying margin expansion looked unlikely.

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GlaxoSmithKline's shares are also constrained by its pricing policy and "full" valuations, the broker added.