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Investing.com - Jefferies downgraded Harmonic Drive Systems Inc (TYO:6324) (OTC:HSYDF) from Hold to Underperform on Wednesday, setting a price target of JPY2,400.00.
The downgrade reflects growing concerns about the company’s competitive position against local players in China, particularly in the humanoid and collaborative robot sectors, according to Jefferies’ research note.
While Jefferies acknowledged that the Physical AI theme may drive near-term share price momentum for Harmonic Drive Systems, it cautioned that current valuation levels suggest the market is overestimating the company’s fundamental strengths.
The new price target of JPY2,400.00 represents more than 20% downside potential from the stock’s last closing price before the downgrade was issued.
The Japanese precision equipment manufacturer, which specializes in strain wave gearing used in robotics and factory automation, trades on the Tokyo Stock Exchange under the ticker 6324 and on OTC markets as HSYDF.
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