Timothy Moe, Goldman Sachs says he lowers targets due to reduced earnings and limited multiple expansion for MS Asia Pac Ex-Japan.
According to him, valuations are now at the lower side of historical ranges but upside is limited as growth remains subdued. He has reduced MS Asia Pac Ex-Japan earnings growth forecast for 2016 to +1 percent from +5 percent previously.
Moe maintains overweight rating on India but change December 2016 Nifty target to 8,600.
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