Canon Lowered to “Underperform” at Zacks (CAJ)
Canon (NYSE:CAJ) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research note issued to investors on Wednesday, Analyst Ratings Network reports. They currently have a $27.80 price objective on the stock. Zacks‘ price target suggests a potential downside of 5.09% from the company’s current price.
Canon (NYSE:CAJ) traded down 1.19% during mid-day trading on Wednesday, hitting $28.94. The stock had a trading volume of 272,604 shares. Canon has a 1-year low of $28.87 and a 1-year high of $38.89. The stock has a 50-day moving average of $31.00 and a 200-day moving average of $31.66. The company has a market cap of $33.221 billion and a price-to-earnings ratio of 11.48.
Canon (NYSE:CAJ) last announced its earnings results on Wednesday, January 29th. The company reported $56.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $53.57 by $2.84. The company had revenue of $1,034.70 billion for the quarter, compared to the consensus estimate of $1,006.69 billion. The company’s quarterly revenue was up 8.8% on a year-over-year basis. Analysts expect that Canon will post $2.15 EPS for the current fiscal year.
A number of other firms have also recently commented on CAJ. Analysts at Bank of America Corp. downgraded shares of Canon from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, January 16th. Separately, analysts at Credit Suisse downgraded shares of Canon from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday, January 14th. Finally, 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. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Canon presently has a consensus rating of “Hold” and an average target price of $27.80.
Canon Inc (NYSE:CAJ), is a manufacturer of network digital multifunction devices (MFDs), plain paper copying machines, laser printers, inkjet printers, cameras and steppers.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.