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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.

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