Raising Canon FVE to Reflect Stronger Euro, but Retain our View Margin Expansion Isn't Sustainable
While Canon’s share price has surged 8% over the past month, we consider that this reflects the movements of currencies. Therefore, although Canon’s September quarter results and revised guidance have exceeded our forecast numbers, we are not surprised as we consider that differences mainly come from the stronger euro. We therefore raise our fair value estimate for Canon to JPY 4,000 per share and $35 per U.S. ADR from JPY 3,700 and $34, respectively, as we change our foreign exchange assumption...
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