The Fly

Nomura downgraded to Hold from Buy at Jefferies

Jefferies analyst Hideyasu Ban downgraded Nomura to Hold from Buy with an unchanged price target of 560 yen after having revised its earnings forecasts to incorporate potential changes in Japan’s monetary policy and the company’s new cost reduction initiatives. The positives, however, are offset by a slower-than-expected recovery in capital market activity and a stronger Yen, the firm tells investors.

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