NSK Ltd. upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Yuichiro Isayama upgraded NSK Ltd. to Buy from Neutral with a price target of 1,050 yen, up from 710 yen, mainly to reflect forex trends and stronger-than-expected FY3/23 results. NSK’s announcement that it had concluded agreements to convert an unprofitable business into an equity-method affiliate and that it would work to improve shareholder returns/capital gains was “arguably one of the major surprises” of the recent earnings season and “we think that story still has legs,” the analyst tells investors.