FII and America's Largest Bank BOFA-Merrill has downgraded Reliance Industries to Underperform with the following note.
There is a downside risk tovFY13 earnings (8% YoY growth currently assumed) and RIL’s fair value. We prefer strong growth stories like Cairn India and attractive E&P stories like BPCL in Indian oil and gas to RIL. We cut RIL to Underperform from Neutral.
New Target Price is Rs 710
