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Foxconn shares fall after earnings estimate cut HONG KONG -- Foxconn International Holdings Ltd. fell the most in a week in Hong Kong trading Wednesday after Deutsche Bank AG cut its profit estimate for the world’s biggest contract manufacturer of handsets, citing reduced orders from Motorola Inc. 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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