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FISCO news service of Japan reports that Nidec Corp (NJ) -- 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 (CSR) 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:

Source: Credit Suisse Lowers Target Price for Nidec (NJ)