Shiseido re-initiated with an Underperform at Bernstein

Bernstein analyst Melinda Hu re-initiated coverage of Shiseido (SSDOY) with an Underperform rating and 1,700 yen price target The firm re-initiated coverage on the China consumer sector with a cautious view on consumption. The cosmetics sector faces structural challenges and rich valuations, the analyst tells investors in a research note.