Credit Suisse First Boston (CSFB) has said that it has raised its investment rating on Honda Motor Co to ‘outperform’ from ‘neutral’. The rating change follows Honda’s recent announcement of record profits and in spite of Honda’s own forecast that its fiscal 2003 performance will be weaker in the face of unfavourable exchange rates and market conditions.

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In a note to CSFB clients, CSFB analyst Koji Endo said that CSFB regards Honda’s forecasts as conservative and that he expects Honda’s fiscal 2003 operating profit to be around 690 billion yen, level with 2002’s and well ahead of Honda’s own forecast of 620 billion yen.

“The difference between our forecast and the company’s is mainly the result of currency contracts at levels below (yen weaker than) 116 yen/dollar and better-than-expected growth at the US sales subsidiary,” Endo said in his note.

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