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Investing.com - JPMorgan has initiated coverage on Kyocera (TYO:6971) (OTC:KYOCY) with a Neutral rating and a price target of JPY2,100.00, according to a research note released Wednesday.
The price target represents JPMorgan’s valuation for Kyocera through the end of December 2026, suggesting limited upside potential from current levels.
JPMorgan believes the stock has already priced in several key factors, including the fiscal year 2023-24 recovery from earnings deterioration in Kyocera AVX Components and the organic substrate business.
The firm also notes that other factors already reflected in the share price include Kyocera’s business portfolio restructuring, reduction of strategic cross-shareholdings including KDDI shares, and ongoing share buybacks.
According to JPMorgan, further share price appreciation would require announcements of "large-scale, high-quality M&A deals," improved profitability through more radical business portfolio restructuring, better ROIC via higher asset efficiency, and strengthened corporate value creation capacity.
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