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Investing.com - JPMorgan has initiated coverage on ITOCHU Corporation (TYO:8001) (OTC:ITOCY) with an Overweight rating and a price target of JPY10,890.00.
The investment bank’s price target is based on its fiscal year 2025 book value per share estimate and a theoretical price-to-book ratio of 2.45x, calculated using a medium-term return on equity forecast of 15.0% and cost of equity of 6.1%.
JPMorgan expressed confidence in ITOCHU management’s ability to steadily expand net profit and maintain ROE above 15% over the next three years, positioning the stock as a core holding in the trading company sector.
Despite ITOCHU shares having outperformed the sector over the past decade, they have underperformed the sector average since the beginning of 2025, according to the research note.
JPMorgan identified potential share price catalysts including the scale of additional share buybacks anticipated from January 2026 and expected progress on management reforms related to large-scale investments and turnaround projects.
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