FUJIY) was recently downgraded from Neutral to
Underperform. The downgrade was based on the troubles in revenue
generation the company is expected to see.
In the most recent quarter revenue fell 1.8% from the year ago
period in part due to the European debt crisis. The company is
having a difficult time maintaining its traditional business in
the midst of the digitalization phase of growth. Ever increasing
raw materials prices are also a concern.
Tokyo based Fujifilm Holdings Corporation is a leading global
producer of photographic imaging
products. The company develops, manufactures,
and markets traditional and digital imaging products.
We have a long term Underperform recommendation on the stock. Our
target price of $17.00 is based on
13.4x 2013 EPS estimates.
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