Emkay Global Financial Services has downgraded Divis Laboratories to 'Hold' with target price of Rs 1,430  in its report.

Commenting on the investment rationale, the stock broker said, ''Divi's Labs Q1FY15 results adj. revenue at Rs 6.4 billion, EBITDA at Rs 2.4 billion and adjusted PAT at Rs 1.7 billion Rs 2.1 billion. EBITDA margins lower at 36.7% due to adverse business mix, higher power cost and lower Rupee realization.

Post recent run-up we believe the stock currently prices in strong growth (20%) in FY15E and FY16E. Downgrade to Hold with a revised TP of Rs 1,430 (Rs 1,419 earlier).''

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