Bernstein raised the firm’s price target on Ajinomoto (AJINY) to 8,200 yen from 8,000 yen and keeps an Outperform rating on the shares. On a sum-of-the parts basis, the firm sees 32%-39% upside to Ajinomoto’s share price over the next 12 months. This reflects the transformation in Ajinomoto’s earnings structure driven by the new management team’s focus on enhancing return on invested capital through business transformation and asset restructuring, and the outlook for the company’s high margin, high growth Functional Materials/ABF Division.
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