Canon "We reiterate our Buy rating and keep Canon on our Conviction List," Goldman Sachs analysts wrote in a report on Monday. "The stock is also on our GS Sustain Japan list. Over the past five business days the shares have fallen 7%, far underperforming TOPIX and our precisions coverage. As the yen appreciates, absolute share price correction is to be expected but performance below our coverage average is hard to explain. Laser printers are the most cyclical business in Canon's portfolio--it hit a bottom in Jan-Mar. and we expect it to recover in Apr-June and Jul-Sep. Digital SLR cameras are an earnings mainstay, and the impact of delayed new models should become clear. While we see no spectacular drivers in Canon's business lineup, we expect annual profit growth of around 10% over the medium term on the impact of lower costs combined with 3-4% annual sales growth. We focus on the dividend yield, which is over 4% (total return ratio over 6%) and nearing post-2008 financial crisis levels." Shares of Canon hit a 52-week low on Monday of $37.82. The stock's 52-week high of $50 was set on July 26. Canon's forward P/E is 14.13; the average among its peers is 19.07. Analysts were split on Canon with one rating it buy and another giving the stock a hold rating. The stock has fallen 13.06% year to date.