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Investing.com - Nomura/Instinet upgraded iQPS Inc (5595:JP) stock rating to Buy from Neutral and raised its price target to JPY2,580.00 from JPY2,322.00.
The upgrade reflects Nomura’s positive outlook on iQPS’s prospects for overseas sales in its synthetic aperture radar (SAR) satellite business, despite lowering adjusted EBITDA forecasts through May 2029.
Nomura increased its May 2031 adjusted EBITDA forecast from ¥16.8 billion to ¥18.7 billion, factoring in the potential for international sales growth while maintaining assumptions about the Japanese Ministry of Defense’s budget allocation for satellite imagery purchases.
The research firm assumes SAR satellites will represent 80% of the Japanese defense ministry’s satellite image procurement, with iQPS and Synspective each capturing a 45% share of the SAR satellite market.
Nomura cited the recent share price correction and upward target price revision as reasons for the upgrade, suggesting that steady growth in operational SAR satellites could serve as a positive catalyst for iQPS shares.
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