Deutsche Bank Downgrades Canon (CAJ) to Hold

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Deutsche Bank downgraded Canon (NYSE: CAJ) from Buy to Hold and cuts its target price from Yen 3,080 to Yen 2,900.

The firm comments, "Although we expect a diminishing impact from inventory correction for laser printers, and expect earnings recovery, we estimate that the stock’s current level generally prices in such earnings improvement, likely leaving only limited upside potential. We think renewed upside would require a scenario for long-term earnings growth."

For an analyst ratings summary and ratings history on Canon click here. For more ratings news on Canon click here.

Shares of Canon closed at $35.95 yesterday, with a 52 week range of $29.81-$48.48.

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