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Investing.com - UBS downgraded Toray Industries, Inc (TYO:3402) (OTC:TRYIY) from Buy to Neutral on Thursday, while lowering its price target to JPY1,050.00 from JPY1,190.00.
The downgrade comes as UBS reduced its earnings per share forecasts for fiscal years 2026-2028 by 24%, 29%, and 17%, respectively, primarily due to expected decreases in the company’s fibers & textiles and performance chemicals segments.
UBS cited concerns about slowing consumption resulting from elevated US tariffs scheduled to take effect in August, which will likely impact Toray’s diverse product portfolio supplied to the electrical and electronics industry.
The firm’s revised EPS estimates now stand 9-15% below consensus expectations, which UBS anticipates will decrease in response to these headwinds.
Despite Toray shares outperforming the TOPIX index by 35.5% over the past 12 months, UBS believes further price appreciation would require a broad-based demand recovery across the company’s markets.
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