Aug. 16 (Bloomberg) -- Nippon Electric Glass Co. fell to the lowest in almost nine months in Tokyo trading after Barclays Capital lowered its rating on the Japanese glass maker amid slowing demand in the liquid-crystal display industry.
The stock dropped 2.8 percent to 1,004 yen as of 10:39 a.m. on the Tokyo Stock Exchange, headed for the lowest close since Nov. 27.The stock has fallen 21 percent this year, compared with a 14 percent decline in the benchmark Nikkei 225 Stock Average.
Operating profit for Nippon Electric, based in the western prefecture of Shiga, will decline 7 percent next fiscal year compared with the estimate for the year ending March 31, as demand for LCD televisions moderates, Barclays analyst Eric Lee wrote in a report dated Aug. 14. Lee lowered Nippon Electric to “equalweight” from “overweight,” a rating he had maintained since Jan. 25.
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