Harmonic Drive downgraded to Underperform from Hold at Jefferies

Jefferies downgraded Harmonic Drive to Underperform from Hold with a price target of 2,500 yen, down from 4,300 yen. The firm sees “a potential value destruction” due to the price-cut strategy of Harmonic Drive Systems and their production expansion on humanoid related reduction gears with “few evidences for a real market formation any time soon,” the analyst tells investors.