Citi downgraded Johnson Electric (0179.HK)'s rating from buying to selling. Previously, it lowered its profit forecast for the 2011-13 fiscal year by 6.0%-8.0% due to increased cost pressure due to the recent rise in copper and steel costs. The bank also lowered its target price from HK$6.20 to HK$4.00, which is equivalent to 10 times the price-earnings ratio for FY2012. The bank said that weak macro factors combined with rising crude oil prices will inhibit the revenue growth target of Johnson Electric's automotive business. Johnson Electric dropped 1.24% yesterday to close at HK$4.76.