Canon President: "We will NOT give up on SED TV" (CAJ)

Jiji Press (Japan) reported that at Canon's (CAJ) investors conference held Friday in Japan, President Fujio Mitarai declared his firm's collaboration with Toshiba (Tokyo: 6502) to produce superior flat, thin panel TV display technology known as SED (surface-conduction electron-emitter display) will not end. In fact he said, "We will not give up." Concerns have mounted since Canon and Toshiba announced on Wednesday a 12+ month delay in bringing SED TV to the market. They cited the need to make SED TV more cost competitive versus LCD and plasma TVs, both of which are experiencing strong sales but increasing price erosion.

Canon's ordinary shares (Tokyo: 7751) were down 1.23% today closing at 7,230 yen. In morning trading Canon's ADRs are down 0.96% at $60.92.

Nikki-Citi maintained its equivalent of a "buy" or "outperform" rating on Canon and kept its target share price at 8,400 yen. If converted at Y119/US$1, where the current rate is trading, 8,400 equals US$70.59.

CAJ 1-yr chart: