Japan's NTN falls after Goldman Sachs cuts rating

NTN

15/03/2018 05:19

** Axle bearing maker NTN Corp  6472.T  drops as much as 5.4
pct to more than one-week low of 442 yen
    ** Goldman Sachs cuts stock's rating to 'neutral' from
'buy', slashes target price to 510 yen from 650 yen
    ** Broker says although it had expected strong profit growth
from co given its high market share, strong rise in volumes
required by customers has resulted in a greater burden on co's
production and a sharper increase in costs than broker expected
    ** As of the previous close, the stock had fallen 16.46
percent so far this year
    ** As of 05:16 GMT, about 7.27 million shares of the
Osaka-based company have been traded, about 122.0 percent of
their 30-day moving average of 5.96 million shares a day

 

 (Reuters
Messaging:ayai.tomisawa.thomsonreuters.com@reuters.net)