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Common HOLD Fundamental research indicates a 2% upside in the common stock over the next 6-24 months. We
Direct access
have calculated the to theprice
target fullbased
report free of charge
on fundamental at a weighted average of target
factors, using
Stock prices obtained by using DCF and comparative valuation methodologies.
http://www.iirgroup.com/researchoracle/viewreport/show/20297
Ticker: 7201.T
Target price: ¥876
Current price: ¥858 We downgrade the common stock from a BUY to a HOLD, with a 6-24 month target price of ¥876 per
share.
ADR HOLD The ADR is expected to depreciate approximately 2% over the next 6-24 months. We anticipate
neutral currency impact of the Japanese yen against the US dollar over the same period.
Ticker: NSANY
Target price: US$16.37
Current price: US$16.05 We downgrade the ADR (1 ADR = 2 common shares) from a BUY to a HOLD, with a 6-24 month target
price of US$16.37.
Report summary
Nissan Motor Co., Ltd’s (Nissan) 4Q 08 revenues exceeded our expectations while operating
performance was marginally below our expectations. We remain skeptical about Nissan’s greater
exposure to the North American region. Moreover, the recent steep increase in crude oil prices has
resulted in significant weakness in demand and exerts significant pressure on all global automobile
companies including Nissan. However we continue to expect the General Overseas Markets (GOM) to
continue to experience strong sales volume growth over the next few years. Furthermore,
Management’s increasing focus on emerging markets, coupled with strategic joint ventures and
partnerships are expected to partially offset the abovementioned negatives. We continue to expect
firm prices for basic raw materials, which are expected to contract margins, going forward. However, at
current levels we believe the stock appears to be an attractive investment opportunity on fundamental
grounds and therefore reiterate the Nissan common stock a BUY.