New York, July 27 (FinanceEnquiry.com) – Analyst Efraim Levy at S&P CAPITAL IQ reiterates BUY ratings on the shares of Adss of Nissan. The 12-month target price has been reduced from $24 to $21.
In a research note published today, the analyst states that ADS estimate for FY13 for March has been reduced from $2.53 to $2.47 due to average exchange rate of 78.64 yen per dollar for FY13. The Q1 earnings per ADS of $0.43 against $0.50, less than bank’s estimate of $0.48.
Also, sales have been less than the estimate and the solid yen disappointed profits. However, results have been seen benefiting from new products launches, which would help raise sales growth. The target multiple on historical and peer P/E analysis has been reduced due to reduction in global industry volume expectations and yen might remain a drag, the analyst says.
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