Goldman Sachs analyst Yuichiro Isayama downgraded Kubota to Sell from Neutral with a price target of 1,600 yen, down from 2,300 yen. He has a more bearish stance on Kubota as he thinks a major turning point for demand could be approaching as macro sentiment deteriorates in North America, which he calls "the company’s key source of earnings." He has concerns about oversupply in distribution inventories, particularly for mainstay small tractors, in the key North American market, Isayama stated.
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