Foxconn shares fall after earnings estimate cut

Foxconn fell 5.6 percent to HK$12.20, compared with a 1.1 percent gain in Hong Kong’s benchmark Hang Seng Index. The manufacturer, a unit of Taiwan’s Hon Hai Precision Industry Co., may get fewer orders from Schaumburg, Illinois-based Motorola in the next “six to 12 months,” K.C. Kao, an analyst at Deutsche Bank, wrote in a report Wednesday. Kao cut his estimate for Foxconn’s profit this year by 19 percent, and reduced his target price for the stock to HK$28 from HK$30. Kao recommends investors buy Foxconn’s shares.

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