Canon (CAJ) was a rated by a number of Japanese and foreign investment banks Monday. All of them maintained their prior ratings and target share prices; although you'll see that their targets are all over the map and the weak yen (although good for Canon's exports) is keeping downward pressure on Canon ADRs.
The most ambitious target is by Deutsche Bank Securities, which maintains its buy rating with a target of 9,400 yen (this was increased from 8,200 on March 3rd).
The low-end outlier is Credit Suisse, which is maintaining its neutral rating with a target of 7,000 yen.
Canon's ordinary shares (Tokyo: 7751) closed up 0.55% at 7,270 yen Monday in Tokyo. With the current exchange rate at Y119/US$1, a target of 9,400 is equal to US$79.00, a target of 7,000 is equal to $58.82, and its current share price of 7,270 equals $61.09. Canon ADRs are trading down 0.24% at $61.26 this morning.
Analyst ratings [March 13, 2006]
• Deutsche Bank Securities: Maintain "buy" with target of 9,400 yen
• Nikko-Citi: Maintain "1" (highest rating) with target of 8,400 yen
• Mizuho Securities: Maintain "1" with target of 8,000 yen
• UBS: Maintain "1" with target of 8,000 yen
• Morgan Stanley: Maintain "overweight" with target of 7,900 yen
• Credit Suisse: Maintain "neutral" with target of 7,000 yen
• Goldman Sachs: Maintain "outperform"
• Mitsubishi UFJ: Maintain "3" (neutral)
CAJ 1-yr chart: