Zacks Downgrades FUJIFILM Holdings to Neutral (FUJIY)
FUJIFILM Holdings (NASDAQ:FUJIY) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued on Friday, AR Network reports. They currently have a $24.00 price target on the stock. Zacks‘ price target indicates a potential upside of 5.63% from the company’s current price.
Zacks‘ analyst wrote, “We are downgrading are recommendation of Fujifilm to Neutral from Outperform based on the declining business of compact digital cameras. In the first quarter of fiscal 2014, the reduced sales of compact digital cameras pulled down the operating margins for the Imaging Solutions business. The decline in the camera business was accompanied by a reduction in the information technology business demand. Moreover, the company’s presence in regions outside Japan exposes it to various socio-economic and political risks. The economic deterioration in Europe in fiscal 2013 was a major blow to the company’s financials. In the fiscal first quarter of 2014, Fujifilm managed reporting a strong results. Net income in the quarter jumped 497.0% year over year to 15.0 billion on the back of improved revenues as well as margins. Revenues increased 9.7% year over year to 568.7 billion. The increase in revenues was a result of product launches. Fujifilm also experienced a boost from its recent acquisitions as well as in its core segments. Based on these factors, we prefer to have a balanced view on the stock.”
Shares of FUJIFILM Holdings (NASDAQ:FUJIY) traded up 0.79% during mid-day trading on Friday, hitting $22.90. 18,719 shares of the company’s stock traded hands. FUJIFILM Holdings has a 52 week low of $15.85 and a 52 week high of $24.68. The stock’s 50-day moving average is $22.39 and its 200-day moving average is $21.54. The company has a market cap of $11.035 billion and a price-to-earnings ratio of 13.46.
FUJIFILM Holdings Corporation is mainly engaged in the provision of imaging, information and document solutions.
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