Citi analyst Kota Ezawa upgraded NEC Corp. to Neutral from Sell with a price target of 7,100 yen, up from 4,700 yen. The firm notes that January-March profits overshot its forecasts. Citi has seen equity market risk tolerance rise rapidly over a short period and does not sense that NEC will easily return to being a stock with a PBR below 1-time any longer. That said, the firm remains “fundamentally of the view that any earnings expansion will be leisurely” and does not think it would be advisable to chase the shares higher.
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