UPDATE: Goldman Sachs Downgrade Canon (CAJ) to Sell
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(Updated - September 20, 2019 11:02 AM EDT)
(updated to correct rating action, add comments)
Goldman Sachs analyst Satoru Ogawa downgraded Canon (NYSE: CAJ) from Neutral to Sell and lowered the price target from Yen 3,200 to Yen 2,600.
- weak demand for existing core products
- external environment more challenging than expected
- cut FY12/19-FY12/21 operating profit estimates by -13%, -3%,-17%
Shares of Canon closed at $27.12 yesterday.
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