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Investing.com - Nomura/Instinet downgraded Artience Co Ltd (TYO:4634) from Buy to Neutral on Thursday, while lowering its price target to JPY3,600.00 from JPY4,100.00.
The Japanese investment firm cited increased competition in the UV and LED ink markets as a key factor in its decision to downgrade the specialty chemicals and materials company.
Nomura noted that despite its previous expectations for rising demand in UV and LED inks to drive sales volume growth, Artience’s April-June results revealed sluggish volumes partly caused by price cuts from competitors.
While Nomura maintains its medium-term positive demand outlook for UV and LED inks, it believes competitive pressures are unlikely to ease in the near term, limiting Artience’s growth potential.
The firm also expressed concern about fiercer competition with Chinese producers in color filter materials for displays, leading to its expectation of "no major improvement in near-term earnings" for Artience.
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