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Bear of the Day: Fujifilm Holdings (FUJIY)

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Fujifilm Holdings (FUJIY) generated net income of $101.3 million during the three months ending September 30, 2012. The company far exceeded the $5.0 million reported in the year-ago quarter. Yet the company finds it difficult to maintain its traditional business within the digitalization phase of growth.

Also, due to the existence of many players in the industry, it becomes challenging for the company to earn profits. Moreover, the ever increasing prices of raw materials remain a nagging concern.

Thus, anticipating Fujifilm to face troubles in revenue generation, we are downgrading the stock from Neutral to Underperform. Our $17.00 target price, 13.4x 2013 EPS, reflects this view.

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