RESEARCH ALERT-Nikko Citigroup ratings(Feb 16)

TOKYO, Feb 16 (Reuters) - The following is a list of
ratings that have been assigned by Nikko Citigroup, Nikko Citigroup said on Monday.
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Rated higher:

Nissan Motor Co Ltd (7201.T) -- "1M" from "3M" (target price 260yen->335yen)
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Rated lower:

T&D Holdings Inc (8795.T) -- "2H" from "1H" (target price 8060yen->3180yen)
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Rating unchanged:

Sony Financial Holdings Inc (8729.T) -- "1H" (target price 588000yen->360000yen)

Pacific Golf Group International Holdings KK (2466.T) -- "1H" (target price 50200yen->51300yen)

East Japan Railway Co (9020.T) -- "1M" (target price 7900yen->7600yen)

Showa Denko KK (4004.T) -- "1M" (target price 170yen->150yen)

Ariake Japan Co Ltd (2815.T) -- "1M" (target price 2400yen->2300yen)

Central Japan Railway Company (9022.T) -- "1M" (target price 1070000yen->935000yen)

DeNA Co Ltd (2432.T) -- "1S"

Nippon Zeon Co Ltd (4205.T) -- "2H"

Fuji Electric Holdings Co Ltd (6504.T) -- "2H"

Resorttrust Inc (4681.T) -- "2H"

West Japan Railway Co (9021.T) -- "2M" (target price 423000yen->360000yen)

Seino Holdings Co Ltd (9076.T) -- "2M"

Ryoshoku Ltd (7451.T) -- "2M"

Daicel Chemical Industries Ltd (4202.T) -- "2M" (target price 450yen->370yen)

Sumitomo Rubber Industries Ltd (5110.T) -- "2M"

Sumitomo Bakelite Co Ltd (4203.T) -- "2M" (target price 340yen->360yen)

Opt Inc (2389.Q) -- "2S"

Takefuji Corp (8564.T) -- "3H" (target price 608yen->323yen)

Asatsu-DK Inc (9747.T) -- "3M" (target price 2000yen->1400yen)

Toyota Motor Corp (7203.T) -- "3M" (target price 2180yen->2620yen)

Dentsu Inc (4324.T) -- "3M"

Pioneer Corp (6773.T) -- "3S"
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Nikko Citigroup assigns ratings as follows:
"1L" or "Buy/Low Risk" - issues expected to outperform ETR by 10

percentage points.
"1M" or "Buy/Medium Risk" - issues expected to outperform ETR by 15

percentage points.
"1H" or "Buy/High Risk" - issues expected to outperform ETR by 20

percentage points.
"1S" or "Buy/Speculative" - issues expected to outperform ETR by 35 percentage points.
538976288
"2L" or "Hold/Low Risk" - issues expected to outperform ETR greater

than zero, but below 10 percentage points.
"2M" or "Hold/Medium Risk" - issues expected to outperform ETR greater

than zero, but below 15 percentage points.
"2H" or "Hold/High Risk" - issues expected to outperform ETR greater

than zero, but below 20 percentage points.
"2S" or "Hold/Speculative" - issues expected to outperform ETR greater

than zero, but below 35 percentage points.
"3L" or "Sell/Low Risk" - issues expected to perform less than or equal

to ETR.
"3M" or "Sell/Medium Risk" - issues expected to perform less than or

equal to ETR.
"3H" or "Sell/High Risk" - issues expected to perform less than or

equal to ETR.
"3S" or "Sell/Speculative" - issues expected to perform less than or

equal to ETR.
Expected Total Return (ETR) - expectation of total return

(projected share price appreciation

plus forcast dividend yield) within

12 months.