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Investing.com - Morgan Stanley upgraded Sanrio Co Ltd (8136:JP) from Equalweight to Overweight on Thursday, raising its price target to JPY8,600.00 from JPY7,900.00.
The upgrade comes as Morgan Stanley expects growth in Sanrio’s business worldwide, particularly in China and the United States, driven by tailwinds from the global expansion of Japanese intellectual property.
Morgan Stanley also cited the recent share price correction as a factor in its decision, describing it as a "good buying opportunity" for investors.
The investment bank attributed the recent correction to a tech shift across equity markets, the September 29 ex-dividend date for dividends and shareholder benefits, and the fall in Pop Mart’s share price.
Morgan Stanley stated these factors have "no bearing on Sanrio’s fundamentals," supporting its decision to raise the price target by JPY700.00.
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