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Daicel downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Daicel (DACHF) to Equal Weight from Overweight with a price target of 1,400 yen, down from 2,300 yen. The firm expects the fiscal year to start with Q1 profits falling 26% on an unanticipated hit from the moving average for raw material costs, the analyst tells investors.

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