Sharp downgraded to Underperform from Hold at Jefferies

Jefferies analyst Atul Goyal downgraded Sharp to Underperform from Hold with a price target of 61c, down from $1.40. The company’s price-to-book ratio at 2.4 is “very expensive,” the analyst tells investors in a research note. The firm says Sharp has major exposure to small and mid-sized panels, where prices are unlikely to remain stable given the fragmented nature of the industry.