Fujitsu downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Hiroto Segawa downgraded Fujitsu to Equal Weight from Overweight with a price target of 20,000 yen, down from 23,000 yen. While the firm still has a “constructive view” of efforts to improve margins in the domestic IT services business, expectations for future reforms have diminished following the company’s new medium-term plan released on May 24, the analyst tells investors.