UPDATE: Credit Suisse Downgrades Honda Motor to Neutral on China Headwinds

Credit Suisse lowered its rating on Honda Motor HMC from Outperform to Neutral. Credit Suisse noted, "We lower our TP for Honda from ¥2,850 to ¥2,670 (potential return +10%). As the stock's valuations based on FY3/13 estimates imply limited upside potential, we also downgrade the stock from Outperform to NEUTRAL. Although it is difficult to forecast the scale and duration of boycotts in China, we think the risk of 50% capacity utilization continuing for 12 months is already discounted in the share price. Honda Motor closed at $31.20 on Thursday.