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Trend Micro (TMIC), a global leader in Internet security and network antivirus protection was downgraded Friday by Shinko Securities, a member of the Mizuho Financial Group. Shinko lowered its rating of TMIC from a "2" to a "2-" acknowledging strong sales growth prospects in the U.S. but citing slower expected sales in Europe that are seen hurting earnings growth in coming quarters. (See note below about Japanese stock ratings.)

News of the downgrade reached the market before trading began earlier today in Tokyo, which along with a broad market selloff in both the Nikkei 225 and TOPIX sent TMIC shares (ticker: 4704) down 4.70%. Tokyo Stock Exchange traded shares of TMIC were up 2.7% on Friday, while its ADRs gained 1.70%.

UPDATE: I have also learned that Deutsche Securities raised its target share price for Trend Micro from 3,000 yen to 3,300 yen last Friday. However, it maintained its “sell