Goldman Sachs analyst Shuhei Nakamura downgraded Hoya Corp. to Neutral from Buy with a price target of 22,000 yen, down from 23,000 yen. The firm sees the stock’s risk/reward profile as balanced now that market consensus forecasts have re-calibrated up to the level of our estimates in reaction to strong Q1 earnings, and return potential has narrowed with the recent share price gains.