Zacks Investment Research upgraded shares of NITTO DENKO CORP ADR(CNV INTO 0.5 (NASDAQ:NDEKY) from a strong sell rating to a buy rating in a research note published on Friday morning. The brokerage currently has $53.00 target price on the stock.

According to Zacks, “Nitto Denko Corporation is a provider of electrical insulating materials such as double-coated tapes, sealing materials, masking tapes, surface protection materials and non-skid tapes in diverse segments of industry. Its products are designed to assure safety in offices and buildings, precision machinery, machinery & equipment used in production process, and actual work sites. The Company’s technologies and products include reinforcing, vibration-damping and sealing materials. It supplies a whole variety of adhesive tapes in medical and athletic areas. Nitto Denko Group has an extensive lineup of electronics-related products such as optical films, flexible printed circuits, thin-film metal circuit boards and semiconductor encapsulating resins which are applied to various devices including wide-screen LCD TVs, personal computers, cell phones, handheld game consoles, portable audio players, hard disk drives and so on. Nitto Denko Corporation is headquartered in Osaka, Japan. “

Shares of NITTO DENKO CORP AD (NDEKY) opened at 46.14 on Friday. The company has a market cap of $14.98 billion and a price-to-earnings ratio of 21.80. The firm’s 50-day moving average is $42.45 and its 200-day moving average is $40.62. NITTO DENKO CORP AD has a one year low of $31.60 and a one year high of $47.62.

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