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Investing.com - UBS raised its price target on Mitsubishi Heavy Industries Ltd (TYO:7011) (OTC:MHVYF) to JPY4,000 from JPY3,030 while maintaining a Neutral rating on the stock.
The investment firm revised its business profit forecasts upward for the Japanese industrial conglomerate, citing growth potential in the energy sector driven by increasing electric power demand.
UBS also noted expansion opportunities in Mitsubishi’s aircraft, defense, and aerospace segments, which are expected to benefit from Japan’s expanding defense budget.
Despite the significant price target increase, UBS maintained its Neutral stance on Mitsubishi Heavy Industries stock, explaining that the growth story appears to be already reflected in the current share price.
The firm indicated that the current valuation "does not look undemanding" and suggested that high expectations for earnings growth are already priced into the stock.
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