Raise Canon’s FVE to JPY 4,500, but 2018 Guidance for Copiers and Cameras Seems Stretched
We raise Canon’s fair value estimate to JPY 4,500 per share and USD 41 per U.S. ADR from JPY 4,000 and USD 35, as we lift our revenue forecast for two major reasons. First, revenue decline on copiers is not as fast as we had anticipated, as shift to color from monochrome copiers will help improve the product mix. Second, robust demand of lithography equipment, which is driven by NAND flash memory and OLED display, seems to exceed our old forecast. As a result, our revenue forecast for fiscal 202...
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