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Zacks Investment Research upgraded Fujifilm Holdings Corporation (FUJIY - Analyst Report) to a Zacks Rank #1 (Strong Buy) on Jul 2, based on the company’s impressive fiscal 2013 results and a strong outlook, going forward.

Why the Upgrade?

Fujifilm reported impressive results for the fourth quarter fiscal 2013 with its net income increasing 26.7% year over year to ¥25.4 billion, on the back of improved revenues and margins. Revenues in the reported quarter increased 4.6% year over year to ¥603.5 billion, resulting from the introduction of new products, which were offset by a demand deterioration in Europe.

Fujifilm has been successfully launching new products to gain a market share in the digital world. Moreover, the company expects its pharmaceuticals business to gain traction in the coming quarters and be a source of high revenue.

Fujifilm’s revenues gained a great deal from its acquisitions. Ever since the acquisition of Sonosite in March last year, it has been a significant contributor to Fujifilm’s revenues. The acquired company contributed immensely to the Medical Systems division of Information Solutions, driving the growth of the segment in fiscal 2013. Moreover, the recent acquisition of the BPO division of Australia-based Salmat last August is intended to expand Fujifilm’s reach in the Asia-Oceana region.

Based on these factors, Fujifilm expects to generate revenues of ¥2,350.0 billion in fiscal 2014, increasing 6.1% year over year. Operating income is expected to be ¥140.0 million, an estimated increase of 22.7% over fiscal 2013. Also, Fujifilm expects its net income for the coming fiscal to be ¥70.0 billion, increasing 29.0% year over year.

Other Stocks to Consider

The following technology stocks with favorable Zacks Ranks are performing well and are worth considering.

1. Alliance Fiber Optic Products Inc. (AFOP - Snapshot Report) carries a Zacks Rank #1 (Strong Buy)

2. Ciena Corporation (CIEN - Analyst Report) carries a Zacks Rank #2 (Buy)

3. Cohu, Inc. (COHU - Snapshot Report) carries a Zacks Rank #2 (Buy).

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