12:30 AM EDT, 04/17/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target price to USD31 (from USD27), implying a higher 2024 target P/E to 17x (from 14x). Our valuation upgrade is largely to keep Canon in line with peers' P/E average, which has risen by about 31% since our last update in January. Canon's slower expansion reflects its inferior EPS growth outlook to peers in 2024-2025. We keep our view of unexciting earnings growth in the medium term given demand challenges in Office and Imaging products, which collectively represent more than 70% of its revenue. Still, we have a positive view of Canon's improving stance on shareholder returns, particularly its planned JPY100 bln share buyback (February 2023-January 2025) and dividend hike to JPY150 in 2024 (2023: JPY140). We retain our 2024/2025 EPS forecasts at JPY280/JPY286, reflecting potential gains of 5%/2%, respectively. Canon is scheduled to release its Q1 2024 financial results on April 24, 2024.