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Bear of the Day

Canon, Inc. (CAJ)

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September 29, 2009 |Comments: 0
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CAJ

We believe the sharp appreciation of the yen is eroding Canon Inc.'s (CAJ) revenue and profits. The company expects to improve profitability through product launches and cost-cutting efforts.

The company also lowered its revenue forecast but earnings forecast remained unchanged for the full year 2009, which is still below the 2008 level. We expect revenue in 2009 to be hurt by weak consumer spending and worsening global economy and believe the company will struggle to meet expectations in fiscal 2009.

We maintain our estimates for the full year 2009. We also maintain our Sell recommendation on CAJ shares but increased our six-month target price to $30.00.

Canon, Inc. (CAJ) : FULL ANALYST REPORT

Bear of the Day
Every day we feature one stock with a Zacks Recommendation of Sell that is set to underperform over the next 6+ months. We also provide you with free access to the in-depth research report on the stock. If you would like to see all our Buy and Sell rated stocks and in-depth research reports, then check out  Zacks Premium.

Read the full analyst report on CAJ

 
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