Kobayashi Pharmaceutical upgraded to Hold from Underperform at Jefferies

Jefferies analyst Hisae Kawamoto upgraded Kobayashi Pharmaceutical (KBYPF) to Hold from Underperform with an unchanged price target of 4,900 yen. The pace of increase in the number of people affected by the red yeast rice issue has been stable for the past four months and with the presentation of measures to prevent recurrence and the revision of the mid-term plan next year, the firm believes that “excessive concerns have been allayed and that new events are more likely to be to the upside,” the analyst tells investors.