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Investing.com - Goldman Sachs has upgraded Calbee (2229:JP) (OTC:CLBEY) from Sell to Neutral, maintaining a price target of JPY2,950.00.
The rating change follows a 15% year-to-date decline in Calbee’s share price, compared to a 2.0% gain for the TOPIX index, which has eliminated the overvaluation concern that previously prompted Goldman’s Sell rating.
Goldman Sachs forecasts FY3/26 operating profit of ¥29.2 billion for Calbee, representing year-over-year growth of 5.6% versus FY3/20 levels.
The investment bank projects a FY3/26 operating margin of 8.6% for the Japanese snack maker, which remains below the 11% margin recorded in FY3/20.
Goldman Sachs notes that future share price appreciation for Calbee would require improvements in domestic margins and growth in overseas sales.
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