MUMBAI, Oct 11 (Reuters) - Nomura downgraded Bharat Heavy Electricals Ltd to 'reduce' from 'neutral', saying a revival of new orders was "unlikely" and lower-than-expected coal supply could lead to order cancellations.
Rising competition and falling utilisation could also impact margins, Nomura added.
The bank maintained its target price on India's top power equipment maker at 199 rupees.
(Reporting by Rafael Nam; Editing by Prateek Chatterjee)
Keywords: BHEL RESARCH/NOMURA