Bullish indicating open at $55-$60, IPO prices at $37
Investing.com - Morgan Stanley (NYSE:MS) has upgraded Nitto Boseki Co Ltd (TYO:3110) from Equalweight to Overweight while slightly lowering its price target to JPY7,100.00 from JPY7,200.00.
The rating change comes after Nitto Boseki’s first-quarter results aligned with consensus expectations, and the company maintained its existing guidance without modifications.
Morgan Stanley noted that Nitto Boseki’s share price experienced a sharp decline following the company’s decision to reject significant price increases for special glass products.
Despite this recent share price weakness, Morgan Stanley believes there has been "no change in medium-term growth potential" for the Japanese materials manufacturer.
The investment bank cited the stock’s current undervaluation following the recent price slide as a key factor in its decision to upgrade the rating to Overweight.
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