Nihon M&A downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Matthew Henderson downgraded Nihon M&A to Neutral from Overweight with a price target of 940 yen, down from 2,100 yen. It will take time for the company’s sales efficiency to recover after it worsened more than expected in the wake of accounting irregularities, the analyst tells investors in a research note.