Bridgestone Stock Up After Credit Suisse Upgrading

Bridgestone’s stock jumped 3.9 per cent to 1,332 yen (10.17 pounds sterling – 1 GBP: 131 JPY), when Credit Suisse reported that its new stock rating was “outperform”, from a previous ranking of “neutral.” The bank also raised its target price to 1,700 from 1,400, reasoning that the manufacturer has shown resistance to generally negative market trends.

The upgrading could be taken positively in the wider tyre business too. In his report, Credit Suisse analyst Toru Iwai wrote that, “We believe the tyre subsector is the only auto parts subsector capable of generating profits in FY09. We believe top-line growth, a major factor in assessing the company, will likely recover faster than auto production.”