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Investing.com - Jefferies has reduced its price target on Timee Inc (215A:JP) to JPY1,800.00 from JPY1,900.00 while maintaining a Hold rating following the company’s third-quarter results.
The food and beverage sector continued to show weakness in the third quarter, prompting Timee to decrease its fiscal year revenue guidance.
The market reacted negatively to the announcement, sending Timee shares approximately 20% lower to JPY1,650.
Jefferies noted that investors have begun focusing on Timee’s decreased revenue growth profile.
The firm indicated it would need to see evidence of improving revenue growth before adopting a more positive stance on the stock.
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