Adding insult to injury! Japanese motor giant Nidec downgraded by UBS, shares fall over 9% in response, approaching 11-month low.

Zhitong Finance APP has learned that Nidec, the Japanese manufacturer of precision motors and industrial equipment, saw its share price fall 9.3%, approaching the 11-month low set earlier this month. This followed UBS downgrading the stock from "Buy" to "Neutral" and cutting its target price from 2,800 yen to 2,400 yen, citing a more challenging market environment. UBS also lowered its operating profit forecasts for the company for the current fiscal year and the next fiscal year, which are 16% and 22% below market consensus, respectively.