BofA downgraded Resona Holdings (RSNHF) to Neutral from Buy with a price target of 1,200 yen, down from 1,300 yen. Among the Japanese banking majors, the firm prefers Mizuho (MFG), the analyst stated. For Resona, the firm sees “considerable downside risk” to guidance and sees scope for the stock to lose its premium in the near term, the analyst added.
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