Nippon Electric Glass "overweight," target price raised

The target price has been raised from ¥1800 to ¥2450.In a research note published this morning, the analyst mentions that the impressive start of the No 7 TFT tank has boosted the company’s monthly sales volume to 1.4 million m2.The operating profit estimates for FY05 and FY06 have been raised from ¥64.01-¥66.03 billion and from ¥67.16-¥78.26 billion, respectively. The decision on the construction of a new TFT tank and newsflow regarding the restructuring of NEG are likely to lend support to the company’s share price in 2H05, the analyst says.