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Investing.com - UBS downgraded Denso Corp . (TYO:6902:JP) (OTC:DNZOY) from Buy to Neutral with a price target of JPY2,300.00 on Thursday.
The downgrade comes as Denso’s recent share price gains have brought the stock nearly in line with UBS’s price target, removing the upside potential that previously supported a Buy rating.
UBS cited ongoing sluggish sales to non-Toyota customers amid a continuing slump in the battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) markets in key regions including North America and Japan.
The investment bank adjusted its forex assumptions from ¥140/$ to ¥145/$ and revised its Toyota (NYSE:TM) production estimates, leading to updated operating profit growth forecasts of 9% year-over-year for fiscal year ending March 2026 and 4% for fiscal year ending March 2027.
UBS also lowered its forecast for non-operating profit and losses while adjusting its net profit forecast using a 23% tax rate, though it maintained its earnings per share forecasts at approximately the same level as previous estimates.
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