Whalesbook
Citi Research has issued a double downgrade for Biocon Ltd., lowering its rating to 'Sell' from 'Buy' and slashing the price target to ₹360 from ₹430. The brokerage cited "rich" valuations, worsening market dynamics for biosimilars due to pricing pressure and new USFDA guidelines, and competitive pipeline molecules as key concerns. This implies a potential 12% further downside for the stock.