Panasonic Corporation's (Panasonic) FY 2009 revenues were in line with our estimate, while profitability was above our expectations in FY 2009. Considering the deterioration in global economic conditions and Management's weak outlook for FY 2010 sales and profitability, we are likely to revise our estimates downwards. However, we expect the company's cost reduction initiatives to benefit the company over the next 2 years....

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Panasonic Corporation’s (Panasonic) revenues and profitability underperformed our expectations in 3Q 09. Considering the weak Management outlook, deterioration in business sentiments and lower consumer spending levels, we expect to further revise downwards our estimates. Consequently, although the common stock price no longer supports a SELL rating at current price levels, we maintain our SELL rating and will…

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We have revised our revenue and operating income estimates downward in light of deteriorating market conditions in Japan, impacted by the severe global economic downturn, sluggish consumer spending and intense price competition. Management has revised downwards its financial forecast for FY 2009, in light of the downturn in consumer spending and competitive pricing levels....