Merrill Lynch lowered its P/E estimate for Nidec to 30 from 35 inline with its expectations for the sector. Like Credit Suisse, it doesn't see any need to revise its estimates for Nidec's financials. Its rating for Nidec was not published, however Credit Suisse is maintaining its "outperform" rating.
Nidec's ADRs trade at a 4:1 listing ratio, thus today's 7,500 yen ordinary share closing price equates to $16.10 for its ADRs, which traded as high as $16.54 intra-day at the time of publishing.
* Merrill's 9,200 yen target equals $19.75.
* Credit Suisse's 10,500 yen target equals $22.54.
Nidec Corp (NJ) 1-year chart: