Suzuken downgraded to Neutral from Buy at Citi

Citi downgraded Suzuken to Neutral from Buy with a price target of 5,200 yen, up from 4,800 yen. The firm revised up its estimates in the wake of Q2 results to reflect brisk wholesale business earnings. As Citi’s expected total return now stands at 5.1%, the firm moves to the sidelines on the name. Citi links the recent upswing in valuations to the investor return enhancements announced alongside Q2 results. Going forward, determining the timing and level of profit contributions likely from the healthcare IT business the company is advancing is likely to be important, the firm adds.