Ricoh <7752> significantly fell. Nomura Securities downgraded the investment rating from 'Buy' to 'neutral' and continues to maintain the target stock price of 1700 yen. As specific measures of the corporate value improvement project are put forward, the stock price seems to have significantly outperformed the commodity benchmark, with the substantial profit growth in the year ending March 2026 and the subsequent growth scenarios largely factored into the stock price. As the next upside, they mention the acquisition of a software company with significant synergies with the sales network, and increased profits from office equipment due to industry restructuring progress.