Capcom upgraded to Buy from Neutral at Citi

Citi analyst Junko Yamamura upgraded Capcom to Buy from Neutral with a price target of 4,900 yen, up from 4,600 yen. Yamamura, who previously attributed price declines to steps to boost sales volumes temporarily via excessive price cuts, now believes the expansion of the home game market in emerging markets was behind the declines after having spoken with Capcom’s management. Yamamura expects growth in repeat sales and sustained 10%-plus operating profit growth from FY3/24, the analyst tells investors.