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Jefferies downgraded Timee Inc (215A:JP) from buy to hold on Friday, while raising its price target to JPY1,900.00 from JPY1,800.00 following the company’s second-quarter results.
The research firm cited concerns about Timee’s food and beverage revenue growth, revising previous forecasts of approximately 10% growth to flat growth in its updated model.
Jefferies analyst Ken Oiwa noted that the growth forecast depends on "the macro environment in the restaurant sector and one-off factors such as additional checks for existing clients."
The firm expects these challenging conditions to "linger for a few quarters" in the food and beverage segment, which prompted the rating change despite the higher price target.
The downgrade to hold status came as Timee’s stock reached Jefferies’ previous price target, with the firm explaining, "we also switch to Hold as our PT has been hit."
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