0628 GMT - UltraGreen.ai's growth outlook is clouded by new competition, DBS Group Research's Amanda Tan says in a research report. Zydus Lifesciences can launch its generic indocyanine green product following approval by the U.S. Food and Drug Administration, the analyst notes. Provepharm has already launched its 'Zyogreen' product in the U.K. and is targeting further geographic expansion in the U.S., the analyst notes. The entry of two rivals suggests barriers to entry into indocyanine green products which UltraGreen.ai manufactures are less prohibitive than previously assumed. DBS downgrades the stock's rating to hold from buy and lowers its target price to $0.80 from $1.95. Shares are 7.4% lower at $0.69.