Morgan Stanley downgraded Exide Industries stock to 'equal-weight' from 'overweight' and cut the target price to Rs 129 from Rs 193 citing cyclical slowdown and challenges in regaining market share.
It cut FY12 revenue estimate by 13 per cent and projected lower operational profits as Q2 results were a big disappointment, Morgan Stanley said in a note.
It expected slower margin recovery with about 12 per cent margins in Q3 and 15 per cent margins in Q4 FY12.
At 11:35 am shares of Exide were at 118.75 rupees, down 0.59 percent.
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