The target price has been reduced from ¥385 to ¥380.
In a research note published this morning, the analyst mentions that Nippon Sheet Glass is likely to post its FY05 operating profits short of the guidance, partly on account of the company's entry into the PDP substrate segment. The company's structural reforms are expected to result in extraordinary losses going forward, the analyst says. The shortfall in the companys operating profits is likely to widen FY06 onwards, Morgan Stanley adds. The EPS estimate for FY05 has been reduced from ¥21.5 to ¥20.8.