Panasonic downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Panasonic to Neutral from Buy with a price target of 1,650 yen, down from 1,900 yen. The market environment for automotive batteries and HVAC systems, which Panasonic has identified as priority investment areas, has deteriorated “markedly of late,” while prospects for additional near-term restructuring on a large scale has waned, leaving investors focused on near-term negative catalysts and the firm seeing more limited upside for the shares relative to other names in its coverage, the analyst tells investors.