ab 13 August 2024 Global Research and Evidence Lab Nihon Kohden Await rebound in market credibility Lowering price target and estimates We are lowering our price target for Nihon Kohden from ¥3,000 to ¥2,180 to reflect cuts to our estimates and base PER. We are revising our estimates based on changes to our forex assumptions (from ¥150/$ to ¥145 and ¥160/€ to ¥155) and cuts to our sales estimates for Japan and China. Our new target PER of 20.2X is a 10% discount to our previous multiple (the 22.5X average f ...