Canon Downgraded to Neutral at Credit Suisse (CAJ)
Canon (NYSE:CAJ) was downgraded by equities researchers at Credit Suisse from an “outperform” rating to a “neutral” rating in a research report issued on Tuesday, Analyst Ratings News reports.
The analysts wrote, “A 9 January Nikkei preview put FY12/13 OP at ¥320bn and forecast FY12/14 OP of around ¥340bn,” the report noted. “We lower our FY12/13 OP estimate from ¥364.9bn to ¥324.6bn. This is below guidance of ¥360bn, but our FY12/14 estimate of ¥395.9bn (¥444.1bn previously), which factors in benefits from a weaker yen, is above the Nikkei preview.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. downgraded shares of Canon from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, December 19th. Separately, analysts at Zacks upgraded shares of Canon from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, December 9th. They now have a $34.30 price target on the stock. Finally, analysts at Goldman Sachs Group Inc. downgraded shares of Canon from a “neutral” rating to a “sell” rating in a research note to investors on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $34.30.
Shares of Canon (NYSE:CAJ) traded down 0.25% on Tuesday, hitting $30.752. The stock had a trading volume of 143,942 shares. Canon has a 52-week low of $29.82 and a 52-week high of $38.89. The stock has a 50-day moving average of $31.94 and a 200-day moving average of $32.04. The company has a market cap of $34.965 billion and a P/E ratio of 12.29.
Canon (NYSE:CAJ) last announced its earnings results on Thursday, October 24th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by $0.13. Analysts expect that Canon will post $2.27 EPS for the current fiscal year.
Canon Inc (NYSE:CAJ), is a manufacturer of network digital multifunction devices (MFDs), plain paper copying machines, laser printers, inkjet printers, cameras and steppers.
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