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Investing.com - Nomura/Instinet upgraded Synspective Inc (290A:JP) from Neutral to Buy while maintaining its price target of JPY1,501.00.
The upgrade follows a decline in Synspective’s share price, which Nomura describes as "partly a fallback from a short-term jump in the share price."
Nomura’s analysis highlights the Japanese Ministry of Defense’s five-year satellite imagery procurement projects totaling ¥283.2 billion via PFI, which specifically require satellites manufactured in Japan, with a particular emphasis on SAR satellites.
The investment firm’s forecasts assume SAR satellites will represent 80% of the procurement weighting, with Synspective capturing approximately 45% of SAR satellite sales.
Nomura derived its unchanged target price of ¥1,501 using forecasts for December 2030 and a fair-value adjusted EV/EBITDA multiple of 6.50x.
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