JPMorgan downgraded Trend Micro (TMICY) to Neutral from Overweight with a price target of 8,100 yen, down from 12,000 yen. IT investments continue to be cut overseas, competition appears to be getting tougher and the firm expects earnings growth to decelerate temporarily in FY26 because the company plans to phase out support for non-Vision One subscription customers, the analyst tells investors.
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