Kubota downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Kubota to Equal Weight from Overweight with a price target of 2,300 yen, down from 3,100 yen. The firm thinks the stock market has strong expectations for profit growth momentum to be restored in F12/25 due to normalization of the North American compact tractor business, but notes that it expects earnings to remain flat because of a likely continuation of sluggishness in the North American mid-sized and large tractor business and elimination of the inventory build-up effect for compact track loaders.