GS Yuasa initiated with a Sell at Goldman Sachs

Goldman Sachs initiated coverage of GS Yuasa with a Sell rating and 2,600 yen price target. GS Yuasa makes lead-acid batteries for automobiles and batteries for hybrid and plug-in hybrid electric vehicles and the firm expects short-term fundamentals to “enter a period of stagnation” as the effect of price hikes for the company’s main lead-acid batteries wears off and the burden of upfront investment for EV batteries increases, the analyst tells investors.