Zacks Investment Research upgraded shares of Fujifilm Holdings Corporation (FUJIY) from NEUTRAL to OUTPERFORM on August 19, 2013, with a target price of $27.00.
Fujifilm reported strong results for fiscal first quarter of 2014, with a significant year-over-year hike in earnings as well as revenues. Net income for the quarter jumped 497.0% year over year to 15.0 billion on the back of improved revenues as well as margins. Revenues in the same quarter increased 9.7% year over year to 568.7 billion. The increase in revenues was a result of product launches. Fujifilm also experienced a boost from its recent acquisitions as well as in its core segments. It is also anticipated that these acquisitions which include the likes of the Australian BPO and Sonosite would aid revenue increase. Increased presence and market share in the pharmaceuticals business also helped the company prosper. As expected, falling yen played a major part in the increased revenues. The same trend is expected to continue in the coming quarters as well. Based on these factors, we upgrade our recommendation on the stock from Neutral to Outperform.
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