Obic downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Obic to Neutral from Buy with a price target of 25,600 yen, up from 23,000 yen, as the firm believes potential upside from the current share price is limited. Goldman also updated its earnings estimates in light of 1Q3/25 results, lowering its FY3/25-FY3/26 operating profit estimates slightly, mainly to factor in higher-than-expected software procurement costs in the system support services business, but revising up its medium-term outlook marginally on a higher share of demand from large enterprises.