Harmonic Drive price target raised to 4,800 yen from 3,900 yen at Citi

Citi raised the firm’s price target on Harmonic Drive to 4,800 yen from 3,900 yen and keeps a Neutral rating on the shares. The firm notes that Harmonic Drive announced Q2 results on November 9, and despite an operating loss the shares have rallied nearly 20%. Citi thinks the main reason for this is evidence of a bottoming out for parent orders. While orders fell 22% year-over-year, last quarter was the second consecutive quarter with a quarter-over-quarter increase, suggesting the Q1 total of 4.0B yen is the cyclical low, Citi says.