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Investing.com - Jefferies downgraded Toho Holdings Co Ltd (TYO:8129) from Buy to Hold while maintaining its price target of JPY5,800.00.
The research firm cited elevated valuation multiples as the primary reason for the downgrade, suggesting limited upside potential for the stock at current levels.
Jefferies maintained its price target despite the rating change, indicating the stock has reached a fair valuation according to the firm’s analysis.
The downgrade comes amid a situation where 3D Investment holds over 20% of Toho Holdings’ outstanding shares, which Jefferies notes could potentially lead to further shareholder proposals or M&A-related events.
Jefferies believes any premium related to potential corporate events has mostly been priced into the stock already, contributing to its decision to lower the rating.
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