Mitsubishi downgraded to Neutral from Outperform at Macquarie

Macquarie analyst Sonny Lee downgraded Mitsubishi (MSBHF) to Neutral from Outperform with a price target of 2,700 yen, down from 3,300 yen. Macquarie’s Commodities Strategy team maintains a bearish view on most commodities, which drove the analyst to cut resources earnings outlooks for all five Japan trading houses. The analyst finds “the biggest loser” among the five to be Mitsubishi based on its most significant price outlook cut being in coking coal, it was noted.