(Bloomberg) -- Sell-side analyst opinion on SoftBank Group Corp. has tumbled to a six-year low as the Japanese technology giant refrains from new stock buybacks amid continued investment losses.
The shares fell as much as 2.6% Tuesday after Citigroup cut its rating to neutral from buy. That dragged the consensus recommendation to a 2016 low, following recent downgrades at Deutsche Bank, CLSA and Jefferies.
“The share buyback hiatus and the business execution issues behind it” lead Citi’s reasons for its rating cut, followed by risks from higher interest rates, and weaker investor communication with Masayoshi Son no longer attending quarterly results briefings, analyst Mitsunobu Tsuruo wrote in a note.
The company’s shares have slumped more than 15% from a high earlier this month after it posted another quarterly loss in its core Vision Fund segment and declined to announce further equity repurchases.
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