Deutsche Bank Upgrades Canon (CAJ) to Buy, Demand is Still Strong
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Price: $21.63 --0%
Rating Summary:
2 Buy, 5 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 5 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Deutsche Bank upgraded shares of Canon (NYSE: CAJ) to a Buy rating from its previous rating of Hold and is raising its price target from $50 to $61.50.
The firm believes that the steep downward revisions to FY12/11 forecasts should be unavoidable due to serious damages to the firm's production network resulting from the earthquake.
Deutsche is revising its estimates after factoring in the earth quakes disaster and the yen's recent depreciation. The firms current 2011, 2012, and 2013 EPS estimates are $2.48, $3.98, and $4.12.
The firm comments that, "We expect earthquake damage to prompt a radical overhaul of the production network. We think such an overhaul at Canon (with its good reputation for production engineering skills) should further raise long-term profitability."
For more ratings news on Canon click here and for the rating history of Canon click here.
Shares of Canon closed at $42.22 yesterday.
The firm believes that the steep downward revisions to FY12/11 forecasts should be unavoidable due to serious damages to the firm's production network resulting from the earthquake.
Deutsche is revising its estimates after factoring in the earth quakes disaster and the yen's recent depreciation. The firms current 2011, 2012, and 2013 EPS estimates are $2.48, $3.98, and $4.12.
The firm comments that, "We expect earthquake damage to prompt a radical overhaul of the production network. We think such an overhaul at Canon (with its good reputation for production engineering skills) should further raise long-term profitability."
For more ratings news on Canon click here and for the rating history of Canon click here.
Shares of Canon closed at $42.22 yesterday.
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