Zacks Investment Research Downgrades Nikon Corp (NINOY) to Hold
Nikon Corp (OTCMKTS:NINOY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Nikon unveiled a plan to undertake company-wide structural reform, as it seeks to enhance its operational profitability and create value. The plan includes reassessment of the strategy of the Semiconductor Lithography and Imaging Product Businesses. Further, Nikon intends to optimize manufacturing, sales and R&D on a global basis and optimize its workforce. Also, Nikon is undertaking a number of initiatives on stabilizing the key financials of its core business areas to stoke growth. However, Nikon has been suffering in recent times as its chip-making equipment business has been underperforming, as it struggles with slowing demand and stiff competition with overseas rivals. This apart, sluggish demand, natural disasters and high R&D expenditure are escalating the company’s operational costs, thus putting pressure on margins. Nikon’s net income declined almost 15% year over year in its second-quarter fiscal 2017 results. “
A number of other analysts also recently issued reports on NINOY. Jefferies Group downgraded shares of Nikon Corp from a “hold” rating to an “underperform” rating in a report on Wednesday. JPMorgan Chase & Co. downgraded shares of Nikon Corp from a “neutral” rating to an “underweight” rating in a report on Wednesday, October 19th.
Shares of Nikon Corp (OTCMKTS:NINOY) opened at 14.91 on Wednesday. The stock’s 50 day moving average is $15.14 and its 200-day moving average is $14.46. Nikon Corp has a 12-month low of $12.70 and a 12-month high of $16.50.
About Nikon Corp
NIKON CORPORATION is mainly engaged in the manufacture and sale of image and video equipment. The Company operates in three business segments. The Precision Equipment segment offers semiconductor exposure apparatus and flat panel display (FPD) exposure apparatus products and services. The Video segment provides video related and its peripheral area products and services, such as interchangeable lens type digital cameras, compact digital cameras and interchangeable lenses.
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