FANUC’s orders accelerate and profits beat expectations. Why did Bernstein cut its price target?
FANUC’s second-quarter orders rose 49.1% year on year, while operating profit exceeded market consensus by 14.2%. Bernstein raised its earnings forecasts but lowered its valuation multiple as the peak in global factory automation growth approaches; component shortages also continue to constrain deliveries and erode market share in China.
Bernstein ·