Dowa Holdings downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Yu Shirakawa downgraded Dowa Holdings (DWMNF) to Underweight from Equal Weight with a price target of 4,100 yen, down from 4,800 yen. Due to recent share-price fluctuations and relative divergence from the firm’s price targets, the analyst revised the order of preference for the six Japanese nonferrous metals and mining stocks under coverage.