JP Morgan 'neutral' on Cairn India, target price at Rs 385

Moneycontrol Bureau JPMorgan has maintained a "neutral" rating with a target price of Rs 385 on Cairn India despite strong financial performance in the June quarter. The brokerage believes that the stock price as of now does not reflect the likely negative outcome of the royalty cost recovery issue and adverse regulatory environment. Despite investors cheering an upside of 1% in Cairn's stock which is trading at 324 on the Bombay Stock Exchange (BSE) post its results, JP Morgan cautions of  tough times ahead for the energy giant.