Asustek Limit Down-HSBC Downgrades to Neutral

        0236 GMT [Dow Jones] Asustek (2357.TW) is limit-down after solid 1Q earnings. "We have seen strong share-price performance on Asustek since 3Q13 driven by new product cycles in [notebooks/tablets] and smartphones. It is now time for the shares to take a breather," HSBC analyst Jenny Lai says. HSBC downgrades the stock to Neutral from Overweight. It suggests investors take some profit off the table as further rerating will require more visibility on the sell-through for new models. But it raises its price target to NT$355.00 from NT$340.00 to reflect the updated outlook. Asustek is down 6.9% at NT$308.50. (lorraine.luk@wsj.com)
        (END) Dow Jones Newswires

        May 07, 2014 22:36 ET (02:36 GMT)