India's Syngene International extends fall on UBS downgrade, PT cut

Syngene International

17/01/2024 06:36

** Shares of contract research firm Syngene International
 SYNN.NS  fall ~2% to 701.75 rupees 
    ** Stock fell 2.3% on Tuesday after UBS downgraded rating to
"sell" from "buy" and cut PT to 700 rupees from 875 rupees
    ** UBS' new PT lowest among seven analysts on SYNN, per LSEG
       
    ** Stock shed 4.4% in last two sessions
    ** Weak demand for the discovery and dedicated segments to
put pressure on Syngene's near-term revenue growth - UBS
    ** Adds, concerns are rising with slow ramp-up of SYNN's API
unit 
    ** Avg rating of analysts at "hold"; median PT is 750 rupees
- LSEG data
    ** Stock rose 20% in 2023, snapping two consecutive years of
decline
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))