Neutral Wockhardt Ltd., target Rs 1015.0 : Macquarie Capital Securities

Macquarie Capital Securities has Neutral call on Wockhardt Ltd. with a target price of Rs 1015.0. The current market price of Wockhardt Ltd. is 919.9. Time period given by analyst is year, when Wockhardt Ltd. price can reach defined target. Wockhardt Ltd's shares fall as much as 13.5 pct to their lowest since June 24. The pharma company says U.S. FDA issued import alert for the company's Ankleshwar plant in the northern state of Gujarat. As per the order, output from the plant does "not appear to conform to current good manufacturing practices" Wockhardt says "has already initiated required steps to address the concerns raised" and adds "is putting all efforts to resolve the matter. " Macquarie downgrades stock to "neutral" from outperform"; cuts 12-month target price to Rs 1,015 from Rs 1,350. Macquarie says expects stock to trade at discount to fair value of Rs 1,320 in the medium term as regulatory uncertainty prevails.