SoftBank up on hope for Sprint buy, Nomura’s target hike

TOKYO, June 24:  The benchmark Nikkei  average and the broader TOPIX both dropped 0.1 percent on Monday.
The following stock was on the move:
SoftBank Corp rose 3.4 percent to 5,750 yen, extending gains into a second day after its CEO Masayoshi Son said on Friday he was confident his company’s acquisition of Sprint Nextel Corp would be completed in early July after rival bidder Dish Network Corp bowed out.
Separately, Nomura Securities raised its target price on SoftBank to 6,430 yen from 6,030 yen, citing the company’s stake rise in Alibaba Group Holding to 36.7 percent from 31.9 percent as well as its upward revision in earnings forecast for its internet business Yahoo Japan.
The brokerage kept a ‘buy’ rating on the stock.         (agencies)

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