Daihen downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Ryo Harada downgraded Daihen to Neutral from Buy with a price target of 19,000 yen, down from 20,900 yen, citing relative valuation with the share price having increased 99% since March of 2024. The firm also lowered its earnings estimates, mainly for energy management, to factor in the impact of higher material costs, the analyst tells investors.