FISCO news service of Japan reports that Nidec Corp
) -- the world's leading manufacturer of hard disk motors -- had it its price target cut to 10,500 yen from 12,000 yen by Credit Suisse
) based on lower sector valuation. Credit Suisse sees Nidec itself as having strong earnings momentum in the short-term and solid growth potential over the mid-term, thus prompting CS to maintain its "outperform rating."
Its new 10,500 yen target ($91.55) is the equivalent of $22.89 for its ADRs when adjusting for the 4:1 listing ratio. Its prior target of 12,000 yen ($104.64) equates to $26.16.
Nidec's ordinary shares (Tokyo: 6594) closed higher today by 0.49% at 8,190 yen ($71.42; $17.86 ADR equivalent). Its ADRs closed Friday at $18.04.
Nidec Corp (NJ) 1-year chart: