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Downgrade Alert for Canon (CAJ)

By Amy Schwartz

Canon (NYSE:CAJ) was downgraded from Neutral to Underweight at JP Morgan today. The stock closed yesterday at $27.96 on volume of 714,000 shares, above average daily volume of 238,000.

Canon (NYSE:CAJ) has potential upside of 26.0% based on a current price of $27.96 and analysts' consensus price target of $35.24. Canon shares should first meet resistance at the 50-day moving average (MA) of $29.37 and find additional resistance at the 200-day MA of $29.89.

Over the past year, Canon has traded in a range of $26.60 to $36.10 and closed yesterday at $27.96, 5% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.3%.

CANON INC. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.

SmarTrend is tracking the current trend status for Canon and will alert subscribers who have CAJ in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades canon

Ticker(s): CAJ