Goldman Sachs analyst Makoto Kuroda downgraded Sumitomo Mitsui to Neutral from Buy with a price target of 7,200 yen, up from 6,200 yen. The firm maintains its “constructive stance” on the Japan banking sector and updated its estimates on the potential impact of monetary policy, including yield curve control adjustment, by the Bank of Japan. However, it downgraded Sumitomo Mitsui to Neutral based on its weaker profit growth relative to the rest of its sector coverage and “comparatively low upside” based on its new price target.
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