Zacks reissued their neutral rating on shares of Mitsubishi UFJ Financial (NYSE:MTU) in a research report released on Tuesday morning, AR Network reports. Zacks currently has a $7.00 price objective on the stock.
Zacks’ analyst wrote, “Mitsubishi UFJ reported increased first-half of fiscal 2014 (ended Sep 30, 2013) net income as compared with the year-ago period. Growth in deposits and loans along with a rise in net interest income and fee revenues were positives for the quarter. However, elevated G&A expenses remain a concern. Going forward, we expect Mitsubishi UFJ’s strong business model, diversified product mix, and higher gross profits to boost its bottom line. Additionally, the company expanded its scope of engaging in a global strategic alliance with Morgan Stanley into new geographies and businesses. Yet, we are concerned about the heightening competition, increasing expenses and volatility in the Japanese economy. “
Zacks has also updated their ratings on a number of other financials stocks in the last week. The firm downgraded shares of Mellanox Technologies, Ltd. from an outperform rating to a neutral rating. Their analysts now have a $42.30 price target on that stock. Also, Zacks upgraded shares of Chipmos Technologies from a neutral rating to an outperform rating. Zacks now has a $19.60 price target on that stock. Finally, Zacks downgraded shares of Catalyst Pharmaceutical Partners from an outperform rating to a neutral rating. Their analysts now have a $1.90 price target on that stock.
Shares of Mitsubishi UFJ Financial (NYSE:MTU) opened at 6.61 on Tuesday. Mitsubishi UFJ Financial has a 52 week low of $4.48 and a 52 week high of $7.31. The stock’s 50-day moving average is $6.41 and its 200-day moving average is $6.36. The company has a market cap of $93.601 billion and a P/E ratio of 5.70.
Mitsubishi UFJ Financial Group, Inc (NYSE:MTU) is a holding company for The Bank of Tokyo-Mitsubishi UFJ, Ltd.
To view Zacks’ full report, visit www.zacks.com
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