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J.P. Morgan upgraded Kyocera
KYO from Neutral to an Overweight .
J.P. Morgan wrote, “We lift our price target to ¥7,900 from ¥7,000 and raise our rating to Overweight (previously Neutral). Our price target is derived from our FY2012 BPS forecast and a P/B of 0.95x. Excluding AVX's environmental cleanup expenses, 1Q results were solid. With respect to concern that profitability will dip in the components industry as dependence on Apple increases, we like Kyocera's firm earnings structure supported by a position that is more akin to an upstream materials-level components maker. Moreover, we expect Kyocera's profit momentum from 2Q onward to be the highest in the sector, boosted by new-model smartphones and the earnings contribution of the solar business.”
Kyocera closed at $82.28 on Monday.
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